Tomochain — Binkabi Partnership Announcement
Tomo team is happy to announce the partnership with Binkabi — the decentralized commodity network for Emerging Markets today.
Binkabi is a financial technology company that uses blockchain technology to solve problems in the agricultural value chain in developing countries. One of these issues is the impediment to the import and export of agricultural products and commodities among developing countries. Binkabi is solving issues in commodity supply chain due to the lack of trust.
Binkabi’s Barter Block — the world's first smart bartering on the blockchain — enables direct, secure, low-cost cross-border physical commodity trading with reduced reliance in USD.
Blockchain is the ideal platform for dealing with unrelated parties. Issues related to quality of goods and solvency solved through this technology due to transparency, can not fake the information stored on the blockchain.
“Binkabi has partnered with TomoChain to integrate blockchain technology into the agribusiness platform. With its strength as one of the pioneering technologists with blockchain solutions for businesses, Tomochain will help the transaction on exchanges is fast, low cost, safe and high security” CEO Le Quan shared.
In addition, TomoChain’s technology also allows Binkabi to issue encrypted assets that represent commodities in the value chain of agricultural products. This will help Binkabi develop solutions related to price risk management and trade finance, which are very problematic in developing countries.
“The blockchain platform offers high automation, so it can reduce costs,” said Long Vuong, CEO of TomoChain. All transactions on this system can be done through “smart contract”, which helps to minimize mistakes in operation and reduce manual operation costs. By removing intermediaries, businesses will save a lot of money when expanding.
During the signing ceremony, speakers have discussed the opportunities and challenges of building a blockchain-based application, examples of successes as well as difficulties in operation learned from Vietnamese companies such as TomoChain, KyberNetwork, and Binkabi.
Tomo team.
