TRADEIX has created the world’s first shared platform for trade finance. The company’s TIX platform is powered by distributed ledger (blockchain) technology. Find out more today in our review.
What Is TRADEIX?
TRADEIX is a blockchain technology company creating a platform for trade finance. The platform is targeted towards banks, asset managers, B2B networks, and value-added service providers. Using blockchain technology, TRADEIX wants to make the trade finance industry more efficient.
TRADEIX’s platform is called TIX. The platform was created with the goal of “unlocking billions of working capital that has not yet been accessed by financial institutions or alternative funders.” Using blockchain technology, TRADEIX wants to transform the way trade is conducted.
TRADEIX is based in London, UK.
What Is The TIX Platform?
The TIX Platform consists of four key technologies built on the blockchain, including TIX Apps, Tix Developer, TIX Composer, and TIX Core. All four technologies represent the dawn of the “internet of trade”, explains the official TRADEIX website.
Together, these four technologies will create a more unified and efficient trading system. Today’s system of moving goods, money, and credit in global trade is inefficient and broken: it relies on third-party organizations, human intervention, and antiquated financial structures – including paper-based systems. It’s not suited for a digital age.
TRADEIX plans to bring trading to the digital age by:
- Reducing the complexity and number of intermediaries involved in the trading process
- Reducing settlement, custodian, and counterparty risk
- Managing credit risks better and more efficiently
TRADEIX plans to accomplish all of these goals using the power of blockchain technology – the TIX Platform. Let’s take a closer look at the company’s four core technologies.
TIX apps are customer-facing solutions that solve specific business problems. the apps connect to the TIX Platform using APIs. The TIX Platform can accommodate apps that already exist (like a receivables financing app built by a third party). Or, developers can create entirely new apps based on the TIX Platform.
Today, TRADEIX has two core apps, including the TIX Author App and TIX Finance App:
TIX Author App:
This app allows sellers of invoices to see which invoices are eligible to be paid early, request a quote for early settlement, select a bit from multiple funding offers, or get paid early then reconcile the transaction at maturity.
TIX Finance App:
This app allows banks, asset managers, and alternative funding sources to more efficiently manage programs they wish to fund. The app lets these parties track credit capacity, for example, setup programs they wish to fund, accept offers, make bids, provide settlement, and get paid at maturity.
Overall, the apps promise to be modular and flexible solutions driven by APIs. They’re highly-connected, dynamic, and suited for a variety of applications. And, they can be accessed through lightweight web-based portals.
The second technology on the TIX Platform is the TIX Developer, which provides APIs, SDKs, and technology microservices that make the trading ecosystem more efficient for entities and developers.
Using these tools, developers can integrate seamlessly with other systems, ensure secure and efficient interactions (like with TIX Apps, Tix Composer, and TIX Core), or implement their own financial functionalities. They can create powerful new finance applications or query and validate critical financial data, contracts, identities, and assets.
TRADEIX wants to help developers use these tools to create new revenue streams, business models, and businesses. They can also use these tools to gain access to a global network of banks, businesses, lenders, service providers, and insurers, or to reduce cost and fraction in global trading.
TIX Composer is TRADEIX’s trade finance orchestration engine that allows for secure and flexible creation and management of the rules, logic, and smart-contracts governing interactions across the TIX Platform.
Specifically, firms can manage tasks like onboarding, underwriting, pricing, assets, payments, credit and risk management, asset distribution, and other critical data.
Using TIX Composer, anyone can create programs (i.e. individual organizations) that have preconfigured rules and logic created via APIs or the TIX Composer dashboard.
Some of the potential tasks and uses for TIX Composer include KYC (Know Your Customer), Anti Money Laundering (AML) Filtering & Logic, Signatures and Authorization Rules & Logic, Onboarding Management, Pricing Rules and Logic, Insurance Rules and Limits, and much more.
TIX Core is the world’s first shared and open infrastructure for global trade. It’s powered by blockchain technology, which allows it to provide secure and efficient distributed data storage and bookkeeping.
Users can use this blockchain technology to execute complex business logic, enforce automated contracts, manage identity and reputation systems, verify assets, track transactions, and clear settlements. Best of all, TRADEIX claims you can do all of these things “in near real-time” among all parties in global trade.
TRADEIX claims that its core platform will create shared and open standards similar to how TCP/IP, HTML, and HTTP changed the internet as we know it.
Here are the core functionalities of TIX Core:
Distributed bookkeeping provides a “golden record” for the trade ecosystem.
Execute Rules & Logic:
The TIX Core uses smart contracting tools to enable real-time creation, issuance, enforcement, and execution of programmable trade contracts.
TIX Core offers real-time, peer-to-peer transaction engine allowing the issuance, clearance, and settlement of assets.
Track, Trace, Authenticate, And Audit:
Like other blockchains, TradeIX’s TIX Core allows for advanced cryptography for secure authentication.
Consensus And Reconciliation:
Shared ledgers and distributed consensus mechanisms enable all parties to come into agreement on the current state of affairs.
TradeIX’s TIX Core enables interoperability and connectivity between siloed systems.
TradeIX provides a single, shared information layer allowing data and logic from the physical supply chain to be merged with data and logic from the financial supply chain.
TRADEIX is based at the following address in London:
1 Fore Street
London, EC2Y 9DT
You can contact the company at [email protected]
Key members of the company include CEO and co-founder Robert Barnes, CTO and co-founder Andrew Berti, and CFO Daniel Cotti. All members of the executive team has multiple decades of experience in the FinTech industry. You can learn more about the team on their website.
TRADEIX’s TIX Platform has ambitious goals of rewiring the world of trade finance. Using blockchain technology, TRADEIX wants to make global trade more efficient.
So far, the London-based company has revealed four core parts of that platform and how it works, including their TIX Core (the distributed ledger) as well as tools like TIX Composer, TIX Developer, and TIX Applications.
Stay tuned for more information about TRADEIX as the platform continues to grow!