Comdex Completes $100K Cross-Border Trade via Blockchain Even as Pilot Project Looms

In their spirit of revolutionizing the laggard and outdated global commodity market to make it more efficient, Comdex has just wrapped up its first cross border trade of 2019. It has helped complete a wheat transaction worth about $100,000, destined to Malaysia having originated from Australia.

What Is Comdex?

Comdex is a Blockchain-powered platform that discovers, finances, and settles cross-border transactions. Basically, this platform is a bespoke, fully-functional payment and escrow system that is easing the way commodities in global scale can be traded. According to this company, the $100,000 trade it has just completed is the planet’s first on-chain fiat ever.

How a transaction of such massive magnitude was conducted is interesting, however. Both parties first had valid bank accounts based in Singapore, a factor that helped to execute the trade seamlessly.

While the two were negotiating, Comdex was also present to witness the contractual agreements and also initiate the escrow physically. Before the commencement of the trade, it activated the escrow – doing so by collecting the agreed amount from the buyer plus their original trade documents from their Singapore-based offices. With all that done, completing the transaction was easier and thus the success of this mega trade.

A Comdex Pilot Project Is On The Way

Buoyed by the success of this $100,000 transaction, Comdex is already setting its sights on the next cross-border business. It will be a transaction between a Singapore-based company and another one based in the Asian autonomous territory of Hong Kong. One of the reasons why the amount of anticipation concerning this Comdex Pilot transaction is growing is because Comdex will use it to showcase their industry-leading, Blockchain-backed escrow system to the world.

The CEO of Comdex, Uday Joshi spoke highly of the upcoming Comdex pilot project. According to him, their vision to positively disrupt how global trades are done by revolutionizing the entire process is anchored in their beliefs. And so, while handling large volumes of transactions, they will be focusing on three key aspects: security, speed, and scalability.

Furthermore, he says partners participating in the pilot project have been assigned multiple roles, besides doing the typical physical settlement. They will mostly offer guidance, feedback, and suggestions on what Comdex could do to make the platform better.

All eyes are now cast on the forthcoming project with some of the questions being whether it will be a success.