Unique Merchandise Identification Solution to unlock billions of dollars worth of business potential
Trace Network has announced the launch of its enterprise-grade decentralized finance protocol harnessing the capabilities of composable smart contracts, permission-less financing options powered by DeFi and NFT based unique merchandise identification solutions to unlock billions of dollars worth of business potential, otherwise undermined due to poor merchandise inventory & ownership management, costlier trade financing & banking options, and perennial inefficiencies in per diem business transactions.
Announcing this, Sunil, Co-Founder Trace Network who has worked with a couple of Fortune 500 retail brands in the capacity of emerging tech adviser, said, “Despite the quantum growth, the industrial ecosystem is still struggling to cope up with fundamental challenges of lower efficiency, broken processes & related management issues that lead to various leakages in businesses which are inhibiting their growth and resulting in expensive inefficiencies.
Further to this, existing banking & financing systems are costly and time-consuming to attain efficient & cost-effective cash flow and working capital financing needs of companies across the globe.
These needs are to the tune of a couple 100 billion dollars only, in the fashion, lifestyle & luxury goods industry only, which, we believe, can be lubricated by the decentralized supply of capital by harnessing the composability capabilities of evolving permission less DeFi ecosystem.
We believe Trace Network can bring tremendous fluidity and efficiency to existing business practices & processes through its decentralized protocol for enterprise DeFi, based on on-chain transactional data interchange and NFT based inventory visibility & ownership.
We are of the firm view that DLTs, NFTs & DeFi altogether can become a catalyst to achieve goals beyond Industry 4.0 by infusing greater transparency, efficiency & automation.”
Trace Network is built to push the adoption of DeFi & NFTs by enabling various untouched or under-served segments of the financial industry using blockchain technology. Some of the core functions (but not limited to) that are going to help the protocol stand out and spearhead the adoption torch are as mentioned below:
NFT based on-chain merchandise Identity Management Solution
Trace Network enables the generation of NFTs of lifestyle products to create their unique digital on-chain identity. Basis these NFTs, which will be generated on ERC 721/1155 standards, will allow ownership of product/packs and also the movement of ownership across multiple dApps. These product NFTs would act like a unique barcode, which shall be unique across all blockchains.
NFTs would also carry information of material and production journey, hence enabling secure and reliable traceability.
Moreover, with the NFT’s, various retail brands like Zara, Prada, etc. would be able to have clear visibility on stock status across their distribution network. These NFT’s shall allow customers to carry the ownership proof in their trace wallet powered by Blockchain. This means the problem of counterfeit products also gets handled with the Trace Network generated NFTs.
On-Chain integration & settlement of business transactions across business networks
Trace Network EDI Contract would facilitate the movement of data from one system of trading partners to another on blockchain to bring visibility, transparency, and trust across the supply chain. Brands would integrate their system using simple SDKs for integrating EDI smart contracts into their existing business systems like SAP, Oracle, SalesForce, etc to process and transmit the data on-chain across the supplier & distribution network.
These transactions will then act as proof of transactions to be used for various financing options. A white label algorithmic stable coin backed by TRACE token will be used by brands for settlements & accounting of transactions across their business networks basis these on-chain transactions, hence oiling up the payments and receivables process across the business networks.
DeFi based on-chain liquidity & trade financing solution
Trace network’s universal multi-chain DeFi liquidity rails will enable cross-chain and efficient financial liquidity to be used for facilitating the financial needs of businesses.
The Protocol will not only focus on basic financial options like Invoice Factoring, Invoice discounting, etc, but will also enable various structured financial products like packing credit loans, LC, Credit Limits (Credit Delegation), etc. Further, will also enable business partners to trade their liquidity with an incentive with other ecosystem players for example import credits into various companies which will be accrued based on exports of merchandise.
The industry has always felt the need to share credit terms (90 Days Credit, 45 Days Credit, etc) within the ecosystem to manage the funds, however, in absence of the right instruments to control and authenticate such sharing made it impossible to implement the process. With NFTs and DeFi together, this will be enabled by the Trace network for 100’s of companies worldwide.