Arkratos Blockchain Solutions: Eliminating Silos in Physical Commodity Trading
Ashish Srivastava, Senior Vice President Despite the versatility of the trading industry, the physical exchange of commodities is slackened by a multitude of business problems, showcasing the lack of cohesion among the participants of trade flow. Among importers, exporters, traders, banks, shipping companies, and insurance agents, the dearth for interoperability trigged by minor discrepancies and manual administration affects the trade of physical commodities predominantly. To make matters worse, the absence of a transparent quality assurance system often forces merchants to rely upon inaccurate information on the product quality provided by multiple parties in the trade flow, which may later lead to high reconciliation costs. Arkratos Blockchain Solutions addresses these pressing demands through KRATOS™, a blockchain-based platform that connects all participants across the entire trading ecosystem globally.
“KRATOS™ acts as a ‘single source of authenticity’ for the trade of commodities, where distributed versions of trade information or trade documentation are shared in real time and are visible to all involved participants,” states Ashish Srivastava, Senior Vice President of Arkratos Blockchain Solutions.
One of the world’s first blockchain and cloud-based hybrid ERP for physical commodity trade, KRATOS™ ensures easy due diligence for all dependencies—importers, exporters, traders, banks, shipping companies, and insurance agents—and brings in the much-needed visibility across the trade chain and efficiency to the trade finance processes. Such an approach can effectively thwart any fraudulent transactions or unwarranted trade risks across a product life cycle and significantly enhance the interoperability of international trading.
KRATOS™ ensures that all the parties involved in the trade can trace the product from the point of origin to the point of final delivery
KRATOS™’ highly user-friendly platform allows all the participants to exchange trade information freely, negotiate trade contracts, conclude deals, trigger agreed payments, track orders, capture order history, and generate reports. “We offer significant benefits for enterprises to boost their ability to identify potential financiers and secure timely availability of funding for their succeeding commodity trade transactions,” continues Srivastava. The platform also features self-executing smart contracts, zero downtime, and less number of intermediaries to reduce the overhead costs and carry out a successful execution of trade. Consequently, digitization and automation of business processes eliminate human errors or data tampers, thereby ushering in an unmatched speed and efficiency for physical trading.
Apart from extensive industry expertise in banking and finance, education, e-governance, healthcare, and insurance sectors, Arkratos Blockchain Solutions also hones a deep in-house knowledge pool that enables it to address the underlying issues in commodity trading. The company’s KRATOS™ platform improves the transparency of the entire trading ecosystem by bringing all the stakeholders in one comprehensive platform and allowing them to track historical data without involving too many mediators. Besides, this method assists enterprises in identifying additional avenues for funding opportunities, including family offices and other investors. “KRATOS™ ensures that all the parties involved in the trade can trace the product from the point of origin to the point of delivery,” adds Srivastava.
The comprehensive trading platform from Arkrotos Blockchain Solutions’ has attracted a strong clientele in the APAC-region; the company is geared up to expand its blockchain-based solutions to the US and European markets by building upon this track record. Furthermore, the company also plans to embed functionalities with relevant products in the market to provide a complete, end-to-end solution for different counterparties in the physical products trading ecosystem.
CIO Speaks
-
Jacob Sorensen, CIO, Bank of the West
Bjoern Goerke, CIO, SAP AG
Vic Winkler, CTO, Covata
Dr.John Bates, CTO, Intelligent Business Operations & Big Data, Software AG
Robert Bollard, CIO and General Manager Innovation & Technology Group, IP Australia
-
Mark Hansen, Chief Information Officer, DEXUS [ASX: DXS]
Frank Trampert, Managing Director & Chief Commercial Officer, Sabre Hospitality Solutions, APAC
David Furey, Chief Information Officer, Katten Muchin Rosenman LLP
Thomas Kuczynski, CIO, DC Water
James MacLennan, SVP & CIO, IDEX Corporation
Mark Ohlund, CIO & Sr. V.P., Armada Supply Chain Solution
