Evgeny Kaplin CEO of Modultrade: A New Blockchain Platform Opening Global Trade for Small Enterprises
DISCLAIMER: This is a guest post by ModulTrade. The information provided in this post is the responsibility of the writer.
Early in October this year, ModulTrade, a new blockchain technology based smart-contract platform for small to medium enterprises to execute trade, globally, launched their token pre-sale as a means of developing their product and go to market in 2018. ModulTrade also launched their own token, MTRc, compliant with the standard Ethereum-20, to allow users to participate in this exciting project. We spoke to Evgeny Kaplin, CEO, to find out more.
Tell us about ModulTrade and how it began?
My colleagues and I first started the project in MIT in 2016, having met with mutual ideas and ambitions to change the way companies trade around the world. With our backgrounds in financial services and technology, we understood and could see the barriers many micro, small and medium enterprises (MSMEs) face when it comes to completing the full trade cycle, with current procedures in place by banking systems.
So, we wanted to create a new digital platform, tapping into the heart of blockchain technology, that would ultimately reduce transactions fees and time, and give MSMEs the same opportunities to trade and build their businesses, just like larger institutions.
How will ModulTrade help MSMEs?
The way we are building the ModulTrade platform means that any user, from anywhere in the world, at any time, will be able to monitor and review their own trade cycle. There are 400mln MSMEs worldwide, and 56% of these have their finance proposals rejected compared to only 7% of larger companies. This is a massive discrepancy, and ModulTrade’s Value Eco-system (MVE) aims to narrow this gap considerably.
Our MVE will create a hub, where it will replicate traditional processes, such as letters of credit and bank guarantees, through smart-contracts on the blockchain.
What is the key benefit of ModulTrade to MSMEs?
Users of the MVE will benefit from a digital platform, that will connect them to anyone in the world, meet and commit to trade, at the touch of a button. For each individual business, they will benefit from time and cost efficiencies.
One of our key differentiators is that bank transaction fees range from 5-15%, whereas ModulTrade will only charge 1%. Also, because of the platform technology, users will be safe in the knowledge that they can execute trade deals with markets otherwise impossible, safely, securely and trustfully.
Tell us about the future plans for ModulTrade?
Once we have successfully completed our main token sale, we aim to build out the platform and launch early 2018. Our technology team is working on our minimal viable product right now, and are continuing to test, re-build and innovate along the way.
We have been overwhelmed by the support from industry experts and the community, so have great promise that this will be a successful project. When we go to market, we are confident that this will change traditional financial processes across the industry, as we find ourselves at the forefront of the new digital trading world.