Unique solution for identifying goods to unlock business potential worth billions of dollars
Trace Network announced the launch of its decentralized enterprise finance protocol, leveraging the capabilities of composable smart contracts and approval-less funding options based on DeFi and NFT-based unique merchandise identification solutions to unlock billions of dollars worth of business potential that would otherwise Undermined by counterfeiting leads to poor inventory and property management, more costly trade finance and banking options, and perennial inefficiencies in day-to-day business transactions.
Sunil, co-founder of Trace Network who has worked as an emerging technology advisor with several Fortune 500 retail brands, announced the announcement, saying, “Despite the quantum growth, the industrial ecosystem is still struggling to address the fundamental challenges of lower efficiencies, flawed processes and related management problems that lead to various leaks in companies that stunt their growth and lead to costly inefficiencies.
In addition, existing banking and financing systems are costly and time consuming to meet efficient and cost effective cash flow and working capital financing needs of companies around the world. Those needs only add up to a few hundred billion dollars just in the fashion, lifestyle and luxury goods industries, which we believe can be lubricated by the decentralized supply of capital by leveraging the compositional ability of developing permits without a DeFi ecosystem.
We believe that Trace Network can bring tremendous fluidity and efficiency to existing business practices and processes through its decentralized protocol for DeFi companies based on the exchange of chain transaction data and NFT-based visibility and ownership of inventory.
We firmly believe that DLTs, NFTs and DeFi as a whole can become a catalyst to achieve goals beyond Industry 4.0 by achieving greater transparency, efficiency and automation. “
Trace Network is designed to drive the adoption of DeFi & NFTs by activating various pristine or underserved segments of the financial industry using blockchain technology. Some of the core functions (but not limited to) that will help the protocol stand out from the adoption torch and lead the spearhead are as follows:
NFT-based on-chain solution for the identity management of goods
Trace Network enables the generation of NFTs of lifestyle products to create their unique digital identity in the chain. Based on these NFTs, which are generated according to the standards of ERC 721/1155, you can enable product / packaging ownership and change of ownership across multiple dApps. These product NFTs would act like a unique barcode that should be unique for all blockchains. NFTs would also contain information about the material and production route and thus enable safe and reliable traceability. In addition, with the NFTs, various retail brands such as Zara, Prada etc. could have a clear view of the stock status in their distribution network. These NFTs allow customers to carry proof of ownership in their blockchain powered wallet. This means that the problem of counterfeit products is also dealt with using the NFTs generated by the Trace Network.
On-chain integration and processing of business transactions across corporate networks
The EDI contract for the trace network would facilitate the transfer of data from one system of trading partners to another in blockchain to create transparency, transparency and trust throughout the supply chain. Brands would integrate their system using simple SDKs to integrate intelligent EDI contracts with their existing business systems such as SAP, Oracle, SalesForce etc. and to process and transfer the data in the chain through the supplier and distribution network. These transactions then serve as evidence of transactions to be used for various funding options. Brands use an algorithmic stable white label coin secured with a TRACE token to settle and settle transactions in their business networks based on these on-chain transactions, thereby oiling the payment and claims process in the business networks becomes.
DeFi-based on-chain liquidity and trade finance solution
Trace Network’s universal multi-chain DeFi liquidity rails enable the use of cross-chain and efficient financial liquidity to facilitate the financial needs of businesses. Not only will the protocol focus on basic finance options like billing factor, billing discounting, etc., it will also enable various structured finance products such as credit packaging, LC, credit limits (credit delegation), etc. In addition, business partners are supported their liquidity with an incentive to trade with other ecosystem actors, for example import credits to various companies that arise on the basis of goods exports. The industry has always felt the need to share loan terms (90 day loan, 45 day loan, etc.) within the ecosystem in order to manage the funds. However, the lack of the proper tools to control and authenticate such exchanges made it impossible to implement the credit process. Together with NFTs and DeFi, the Trace Network makes this possible for hundreds of companies worldwide.