We make seemingly impossible trades happen. Using the latest smart contract technologies and combining them with the concept of crowd investing, we enable businesses and entrepreneurs, even from countries with difficult legal situations, to buy machinery and other capital goods from well established international manufacturers.
The main focus is on mitigating the (perceived) risk in trade situations and supporting banks and individual investors to gain trust and establish business relationships with willing buyers from abroad.
What it does
Via smart contracts, we mitigate risk throughout the buying/financing/leasing process. We formulate requirements, that have to be met, so that the contract becomes fulfilled. For example: to mitigate the risk of use-without-pay, the machines only runs as long as there is enough credit (represented through tokens) on their board. The buyer therefore has to make recurring payments to recharge the credit. He places an order, which creates a smart contract, that contains the token-id and the machines API-endpoint. The requirement is a payment, which can be made via credit card, wire transfer, crypto and so on. Once the requirement is met ( = payment fulfilled), the token becomes posted on the machines REST-endpoint.
The same can be done for the buying process itself. Also, other forms of securities can be accepted, like
- cash deposits
- (revenue) shares
- real estate
to make the loan more probable and cheaper. All this can be handled with smart contracts.
How we built it
We've build it, using Ionic Framework for the app, Solidity for the smart contracts and a NodeJS Backend for handling the payment<->SC integration. The backend is written in ExpressJS and proposes a REST API for token orders.
Challenges we ran into
Integrating all the single parts in a cloud environment. Especially getting the provided git repo from the partners running in the cloud cost us a lot of time, since no one of us was familiar with .NET (in the cloud).
Accomplishments that we're proud of
That we worked as a team and never gave up...which lead to success in the end. Also the app was finished just in time.
What we learned
We learned a lot about business models embracing smart contract technology and also the Solidity and Ethereum frameworks and eco systems in detail. Working as a team, when there are new teammates, was also somewhat challenging, given the short timeframe to get to know each other.
What's next for tradEAbler
Making seemingly impossible trades happen of course, what else should we do? ;-)