ModulTrade joins “One Belt One Road”, by setting a new standard for the entire eCommerce industry and completes first full trade cycle with China.In light of the
“One Belt One Road” initiative of Chinese People’s Republic that is expected to bridge the ‘infrastructure gap’ to accelerate economic growth across the Asia Pacific area and Central and Eastern Europe, it’s extremely important to develop the regions into a cohesive economic area through building infrastructure, increasing cultural exchanges, and broadening trade routes. Anticipated cumulative investment over an indefinite time scale is estimated at US$4 trillion or US$8 trillion.
As far as economic ties and trade expansion go, the lion share is devoted to small and medium enterprises who are undeniably the backbone of the economic growth in the world.
In support of bridging said infrastructure gap, ModulTrade have found themselves in a unique position by providing a means of developing the economic growth in China, as the company has a great focus supporting the abundant Chinese small and medium enterprises who are seeking global opportunities to expand and explore the untapped potential of cross-border trade.
But how is this pioneering company doing this? ModulTrade has created a new digital trade hub, the ModulTrade Platform (MTP), built on blockchain technology and applying smart-contracts to replicate the traditional trade processes such as letters of credit and bank guarantees, but at a much lesser cost to the user and with increased trust between the buyer and seller.
The MTP serves users with easy to use tools to successfully complete a trade cycle between countries. In addition to the existing functionalities, ModulTrade has taken steps to further make the MTP catered to small and medium enterprises specifically in China, by developing the webpage and product interface in the Chinese language and integrating China Post and S.F. Express as a 3rd party service provider for delivery of the goods.
With its global ambition, ModulTrade has impacted the entire eCommerce industry as it has supported the first batch of goods sold from China on the blockchain via the MTP in early December, with payment made entirely in cryptocurrency (ETH). As stipulated in the smart-contract by the transaction counterparties, the goods were prepared for dispatch and securely shipped cross-border by local delivery company China Post, and delivered to the buyer by Russian post in Moscow, Russia. The carrier carefully inspected and packed the goods for the shipment. The buyer received the parcel at their doorstep in a weeks’ time and was absolutely satisfied with the quality of the goods, the delivery service and the ease of executing the trade on the MTP. Right after the parcel receipt, the correspondent amount in ETH automatically transferred via the smart-contract and hit the wallet of Chinese seller immediately. As a result of executing trade on the MTP, both parties saved considerable time and a significant amount of money.
As one of the core ambitions of ModulTrade is to allow micro, small and medium enterprises to trade with ease from anywhere in the world, coupled with the success of the first trade from China on the blockchain, we can proudly declare that our platform connects the continents and addresses the needs for global trade participation. And we’re more than happy to welcome all businesses and enterprises to join us in this revolutionary journey of changing the Trade Finance industry for the better.
Here’s how the China trade with Russia worked step by step, with the successful purchase and delivery of a 3D printer delivery:
1. The seller has a 3D printer to sell:
2. The seller publishes their proposal on the ModulTrade Marketplace — MTP https://product.modultrade.com:
3. The Buyer selects the product and orders the printer.4. The Buyer and Seller set a smart-contract where funds are deposited via the smart-contract.5. Seller ships the goods once sees the funds locked by the smart-contract (a courier picks up the goods):
6. The seller changes the status:
7. Smart-contract is tracking goods delivery with help of carrier’s API.8. The Buyer receives and checks the parcel, and updates the status for the Smart Contract:
9. Upon the goods are delivered Smart-contract releases funds to the Buyer:
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