ModulTrade plans to democratize global trade using blockchain technology. Find out more about how ModulTrade works today in our review.
What is ModulTrade?
ModulTrade, found online at ModulTrade.io, is a blockchain technology company that aims to help small businesses trade globally.
The platform, if successful, aims to change the way we trade around the world. It would allow small businesses to compete with larger businesses on a global scale.
ModulTrade is being developed by a London-based company. The token pre-sale started on October 3, with a general crowdsale taking place throughout October and November.
How Does ModulTrade Work?
ModulTrade’s platform aims to democratize global trade using blockchain technology. Specifically, ModulTrade wants to create a blockchain platform where 400 million micro, small, and medium enterprises (MSME) can meet each other, commit trade agreements efficiently, and get help with trade-related services in a cost-effective way.
Today, many small businesses avoid international trade because of the logistical costs. It’s not always feasible for small businesses to enter into partnerships with businesses around the world. Many small businesses don’t even know where to begin – so even if a market exists, that market may be under-utilized.
With that in mind, ModulTrade plans to use two key blockchain technologies to create its “ModulTrade Value Ecosystem” (MVE):
- A smart contract platform that replicates traditional trade finance instruments (like letters of credit and bank guarantees) while allowing businesses to establish trust with trade agreements
- The MTRc, an Ethereum ERC20-based token, which will enable frictionless trade with a borderless currency; that token will be accessible to any business with a smartphone, allowing small businesses to execute trade in real-time, globally, and in a cost-effective way
ModulTrade aims to combine the development of a value ecosystem with a new crypto token, helping the platform become “one of the few pioneers able to improve the trade finance industry by connecting millions of enterprises” in an efficient, trustful, and easy way.
Meanwhile, ModulTrade will charge just a 1% fee.