Meet the blockchain that could save the global trade sector billions

Time:2021-12-26 Source: 1419 views DeFi Copy share

A blockchain-based project is vowing to do for supply chains what Uniswap did for DeFi — saving time, cutting costs and reducing waste in global trade.

A decentralized communication hub is delivering DeFi for digital supply chains — eliminating the time consuming and complex processes that are associated with keeping businesses running smoothly and safely.

Obortech is creating infrastructure known as the Smart Hub, allowing key players at every point of a supply chain to share information and collaborate through easy-to-use mobile and web interfaces. All of this can help deliver efficiencies that are crucial for companies running on razor-thin profit margins, and deliver verifiable product traceability from end to end.

This cutting-edge approach means that documents can be exchanged through a tamperproof, joined-up system. Smart Hub is complemented by Internet of Things sensors installed on containers that allow valuable shipments to be tracked in real time, protecting expensive products against theft and ensuring they are kept in optimal conditions.

Overall, Obortech’s objective is to build a fully digital network that’s as simple as Facebook — an environment that delivers real-time notifications, equal participation rights and allows all parties to have full control over their data.

The project’s whitepaper powerfully illustrates why this infrastructure is needed. It cites data from the World Economic Forum that suggests document processing in global trade accounts for a staggering 20% of total transportation costs. Worse still, estimates suggest that fresh food worth $7 billion is spoiled before it arrives to consumers in North America — and more often than not, this can be linked to how supply chains are overly complex.

Compelling use cases

Whereas some blockchain projects in the very early stages of development talk about their ideas in abstract form, Obortech’s Smart Hub prototype has already been put through its paces in a real-world environment — helping to facilitate meat exports from Mongolia to China.

The project now fully intends to make the most of this first mover advantage, with Smart Hub set to become operational in the second half of this year. Partnerships have been established with a number of companies and governmental institutions across Mongolia, the Netherlands and Australia. Now, Obortech has the ambition of serving 5% of inland transportations of certain perishable products between Europe and Asia in four years’ time.

“Obortech’s service has become more in demand in the COVID-19 pandemic,” the whitepaper explained. “Industry professionals have concluded that supply chains are going to need to be more flexible and resilient, and able to shift sourcing and distribution in days or weeks, instead of in months or years. Additionally, a fully digital and remotely controlled smart system will greatly reduce contamination risk by limiting physical interactions in supply chains.”


Members are in control

Obortech says it wants to embrace Uniswap’s model by operating without a centralized governing body, meaning the ecosystem’s members can enjoy control over the network, fuel adoption, and benefit from the revenue streams that it generates.

The platform is complemented by the OBOT token, which will be at the beating heart of the Smart Hub network — facilitating transactions and enabling owners to vote on governance policies that will affect the project’s future direction. An initial exchange offering began on March 10.

Obortech has been established by a core team that has deep experience and understanding of the supply chain industry and the challenges it faces — especially in the midst of a global health crisis.

The project also plans to develop new systems that leverage artificial intelligence and big data, complementing its blockchain offering. Obortech believes that AI will be essential in automating repetitive work that currently has to be carried out by human beings.

As global trade begins to return to normal, Obortech’s ambition is to deliver much-needed innovation that will allow businesses around the world to focus on what they do best.

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