The innovation of blockchain technology and the advent of cryptocurrencies – both of which are the brainchild of a person or perhaps group of persons who preferably go by the pseudonym Satoshi Nakamoto – have been groundbreaking and unprecedented. Right before our eyes and under our noses, it has threatened to revolutionize the global financial market and alter the manner in which we transact business.
In the world of business, new age technologies are proving their mettle as veritable solutions to some of the most troubling challenges. On the backs of this, ModulTrade, a trade ecosystem based on blockchain technology and smart contracts, is staking its claim as one of such new age technology solutions. The initiative has in its sight, the vision of expanding the market opportunity for African SMEs into the global landscape, through its platform.
In that regard, it has set up a platform that will usher in the arrival of its very own blockchain-based ModuleTrade smart-contract system that is tailored to meet the needs of SMEs on the African continent. MT Wallet and MT Market, the two blockchain-based platforms that are set to be introduced into the reckoning of African SMEs from ModulTrade, are arriving in the wake of agreements reached by the company, in partnership with some of the leading financial and logistics organizations.
ModulTrade is expected to kick off operations in the coming weeks with African countries, Cote d’Ivoire and Burkina Faso, set to become the first beneficiaries. SIMAT, a foremost logistics company in both countries, is expected to pioneer MT Market and MT Wallet; the two products from the blockchain-based platform.
SERFIN, a significant player in financial services and a Western Union representative, operating in these same countries, is another company that is set to benefit from what is in the offing with ModulTrade. By virtue of the platform’s blueprint, the function of both products, MT Wallet and MT Market, will be hinged on the ModulTrade blockchain currency, MTRc.
Monetizing African Trade
The announcement of the imminent launch is coming in the aftermath of an earlier statement from the company which confirmed its resolve to monetize and expand the potentials of African trade through blockchain technology. This earlier announcement suggested that plans had been put in place to facilitate a visit by ModulTrade’s CEO, Evgeny Kaplin, and Co-Founder, Jean Channine, to Africa, where they also met with Vladimir Baikov, Ambassador of Russia in Cote d’Ivoire and Burkina Faso. It was also hinted that the purpose of the visit was geared towards signing several Partners Agreements and closing a number of deals that will trigger the subsequent implementation of the platform.
Potentially, Africa could be considered a large market for the solutions that come with blockchain technology. In recent times, there has been something of a marked increase in the population of smartphone users around the continent and ModulTrade aims to leverage this potential. The platform is looking to connect a good number of individuals within the region who have access to smartphones and internet connectivity to multiple financial and trade services. ModulTrade intends to offer payment and trade solutions to African SMEs through its products which can be accessed via internet-enabled smartphones, which would effectively eliminate the hassle of going through domiciliary financial institutions.
Before now, the company is reported to have successfully launched operations in Asian giants, China, where its application is just starting to gain traction. This may have informed the company’s latest foray onto the African scene. And this latest move appears to have all the makings of something that might just prove beneficial to both the company and the African SME climate.
In the aftermath of kicking off operations with SIMAT, it is expected that MT Market, one of ModulTrade’s signature products, will enable the logistics company in its resolve to engage in cross-market trading and delivery of goods around the world. This product is poised to assist micro, small and medium enterprises who have experienced trade challenges in traditional import and export settings. Such business look set to benefit significantly from the latest partnership between SIMAT and ModulTrade.
In another development, SERFIN is expected to be provided with MT Wallet’s 800 outlets as an option for money transfer and payments. A secure trade platform will also be made available to clients via the MT Market platform. According to reports, pilot tests are scheduled to kick off in July.