Let’s talk about tech: ModulTrade’s Technical team, comments on systems, blockchain and smart-contracts.
Our vision to revolutionise trade worldwide must be supported by a solid platform with innovative technology at its forefront.
ModulTrade’s Value Eco-system will connect MSME’s (micro, small and medium enterprises) from around the world to trade securely, with transparency and trust — possible only through the technology behind the system. Smart-contracts will replicate traditional trade finance instruments, such as letters of credit and bank guarantees. Blockchain technology will provide the user a safe platform, with a digital end to end trade cycle, and transactions made in real time.
Since the beginning of this year, our team of technology and systems experts have been busily working away developing, curating and testing, laying down system functionalities required, to make the ModulTrade platform:
- Easy for users to operate
- Minimise on the costs and time to trade
- Expand the opportunities for MSME’s from local to global
And we’re pleased with the results so far.
We have thought of every scenario, to create a streamlined and simple platform for a user to navigate. From the first steps of creating an account and logging in, through to trading in real-time with MTRc (our ModulTrade token architected on Ethereum) and others cryptocurrencies (ETH), creating contracts, payments to seller and payment for goods.
Our system will take the hassle out of user’s hands, with everything accessible in one place. It is the technology and systems developed that will run all checks, initiate transactions, monitor progress and store data, while the user is provided with timely notifications and updates along the way.
Not only will the platform’s systems benefit the user, but we are confident it will allow for further technological developments for the trade finance industry and beyond.
Now let us show you some technical details. For ModulTrade prototype we use the following instruments:
- Ethereum — an open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality.
- Solidity — a contract-oriented programming language for writing smart contracts.
- Truffle — a tool for tests over smart-contracts.
- NodeJS — a modern backend language, which uses an event-driven, non-blocking I/O model that makes it lightweight and efficient.
- Express — a fast, unopinionated, minimalist web framework for Node.js.
- HTML, CSS — classic technologies to create a look and feel of the website.
For the future product versions , we plan to explore such options as in Java, Scala or Python. And we are ready to hear suggestions from our community.
One of the versions of ModulTrade prototype was developed on the base of Telegram. We created the ModulTrade bot which allowed to perform and follow transaction steps in Telegram chat window. We plan to use it in ModulTrade ECO-system as an assistant for small transactions which can be executed fast. Users will be able to check simply delivery and payments.
We will release a new version of ModulTrade MVP in November.
The industry needs to change and we have found ourselves at the point of opportunity to make ModulTrade a reality, by leveraging the heart of blockchain technology and drawing on its benefits to create open Blockchain based trade finance platform for small enterprises.
Join us, together we will revolutionise global trade. Visit www.modultrade.io to find out more.
Chat with us on:
Telegram channel: t.me/modultrade
Telegram group: t.me/modultradeIO