What Is Binkabi?
Binkabi is a blockchain-based platform for issuing and trading commodities. The platform seeks to create a fairer and more profitable commodity network through the collaborative efforts of all its members. Additionally, the platform seeks to solve the challenges in the supply chain caused by lack of trust. The challenges include the over reliance on USD, intermediaries and paper based processes, high cost of funding in emerging markets while the farmers bear high risks despite the minimum pay.
Binkabi focuses on commodity tokenization physical trading, hedging and financial applications. It leverages Smart contracts, crypto-economics, standards, and policies and governance layers to achieve this objective. The platform will work some of the authorities that will provide it with guidance on pricing, warehousing, infrastructure, and standardization of quality.
How Binkabi Blockchain Commodity Tokenization Protocol Works
Binkabi will develop a cross-border commodity-trading platform that will initially target agricultural commodities. This platform will help buyers and sellers of the commodities reduce intermediation layers in trade, which enables the wide reallocation of profits in the value chain. It introduces Barter Block, which is a smart bartering mechanism where buyers and sellers can transact in their local currencies and not USD.
Blockchain technology powers Binkabi to provide insurers, banks, corporates and individuals with access to relevant and timely information on liabilities, assets, and trading history. This enables the institutions provide their users with physical trading that features competitive financing and insurance packages.
In the current system, to acquire supply chain financing, users are required to have security and SMEs and commodity producers in the emerging markets are usually unable to find the necessary security for loans. Through the Binkabi platform financial institutions will have all the relevant information that will enable them provide cash flow-based lending because Binkabi will eliminate commodity price risks, which will increase the confidence of the lenders.
The Binkabi Token (BKB) allows users to access the services on the Binkabi network. The token will also serve as a payment for Barter Block reward for users who refer new users to form Barter Blocks. Additionally BKB will be an incentive payment method to encourage continued development and performance of the protocols.
All the transactions on Binkabi can be tracked and monitored; however, to ensure the privacy of the transaction, the specific details are only accessible to parties involved in the transaction and permissioned third parties like banks, shipping companies, and Binkabi.
Hedged Price Risk
The Binkabi network will enable commodity producers and processors to directly participate in international trading, which results in reduced transaction and currency conversion costs.
Investors on the Binkabi network, who could either be institutions and individuals, will have the opportunity to contribute to the Binkabi protocols and the access to the commodity derivatives or lending opportunities from emerging markets.
Benefits To The Government
Governments and authorities can use the Binkabi network to collect tax and customs duties, improve port efficiency, reduce illegal trading, increase transparency of trades, and improve livelihood of primary producers.
Binkabi BKB Token ICO Details
Parameters Of The ICO
- Token: BKB
- Total token supply: 100,000,000 BKB
- Token supply during ICO: 32,500,000 BKB
- Token sale date: TBA