Explaining ModulTrade’s Minimum Viable Product — The Platform

The ModulTrade team, in setting out to build the ModulTrade Value Eco-system, identified two key objectives:

1. Making the system transparent to users
2. Making the system as simple to use as possible

The first objective had to land with users, otherwise why switch from using the current offering from banks? The ModulTrade platform takes the seller and buyer through a series of easy to follow steps which replicates banks’ letter of credit without a bank:

1. The seller creates a proposal in the system.
2. The proposal is sent through to the marketplace where potential, qualified buyers can see it.
3. A buyer checks the product and agrees to buy.
4. Thereafter, both parties can watch and match the despatch of goods to the release of funds.

It is a smooth efficient process where every step is monitored and the purchase agreement is locked down via smart contracts. For users, the need to know about Blockchain, smart contract or Ethereum is reduced, if at all relevant. The service works to deliver end to end, with the clever stuff going on behind the scenes. And they can see it happening and know it delivers deals and products.

The second objective, is as much about common sense as it is about the technology. The ModulTrade team have set out to provide access to global markets for small and medium sized firms, business that don’t necessarily have large technical or financial management resources to draw upon.

So, time and study was undertaken with users — research that is still ongoing, various designs were submitted to and users asked to judge what they valued in each design and eventually a single design was settled on. The research also aimed to understand what they valued — time, and ease of use, ideas that were feedback to the design teams to ensure the user experience flows effortlessly; whether the user is working on a desktop, tablet or mobile device.

While the site is still in prototype which you can try at https://product.modultrade.com/, the ModulTrade team are confident that the current design works and can scale across borders overcoming language issues as well as work with the minimum of steps and fuss to facilitate trade and ultimately democratize it for all participants.

For more about the ModulTrade project, visit www.modultrade.com

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