A report by Bloomberg in March 2018, showed that close to $1 trillion USD can be generated in the trade industry. The complex nature of logistics and record keeping from suppliers, customers in the shipping business makes the systems inefficient for the thousands of businesses and dozens of shipping lines. The shipping and whole trade industry is also coupled with the agonizingly slow delays, especially at the cargo shipment ports across the world, sending cargo to wrong addresses late payments, fraud, and evasion of taxes.
The solution is towards forming a network that can connect the whole system into one bigger system. XinFin FinTech PTE Ltd is a platform aiming at solving these problems using its new hybrid blockchain as it also targets the overall $27 trillion annual trade industry inefficiencies.
XinFin (XDCE) in brief
XinFin , ticker symbol XDCE, is a Singapore based token launched in early 2017 and resulted from a fork to both Ethereum blockchain and Quorum blockchain, a cryptocurrency backed by JP Morgan Bank. The platform runs on the XDC and XDCE tokens which are used for transactions within the network and are also tradable with other cryptocurrencies in the market.
The XDCE token was first offered to the public through an initial coin offering in February 2018 through March 2018. The token managed to reach the hard cap during the period with a total of $15 million USD raised and 15 billion coins released to circulation. The maximum cap is set at 100 billion coins.
What is the XinFin XDC01 Hybrid Protocol?
Blockchains are decentralized legers that store information and transaction details. Blockchains can be classified into three; public, private or hybrid. While most of the people are familiar with the public and private blockchain, not many understand the hybrid blockchain. Hybrid, as the name suggests, is a combination of both extremes of the scale; public and private blockchain.
The XinFin XDC01 combines the best characteristics of both the Ethereum blockchain and Quorum blockchain to offer the entities using the chain to determine which transactions will remain public and which remain anonymous or confined to a group.
How XinFin will transform the international trade industry?
XDCE has set its sights on reforming and solving the inefficiencies in most of the industries from travel, tourism, water, aviation, solar power and medical ambulance services with more industries to be integrated in the near future. Simplifying trade and solving the inefficiencies associated with global enterprises trade is key to XinFin. So how exactly will the hybrid network influence the annual $27 trillion international trade industry?
The heavy load of logistics at the ports is one of the problems that causes delays and failure to deliver goods at the sea ports. XinFin blockchain aims at solving this by having immutable records on the blockchain ensuring there is no double accounting of goods while connecting the whole delivery process in real time. Records placed on the blockchain will be public and verified in real time.
XinFin is also currently one of the fastest platforms in terms of transactions per second. The XDC01 protocol has a transaction speed of over 300 transactions per second dwarfing Bitcoin’s and Ethereum’s maximum speed at 7tps and 15tps respectively. This allows quick transfer of value between global enterprises to ease up the waiting time previously associated with international payments.
Since the release of Bitcoin almost a decade ago, the role of blockchains and cryptocurrencies has continuously grown branching out from finance and technology to other sectors in the economy. The international trade industry is set to gain most from cryptocurrencies as the international payment systems have been made instant through digital wallet payments. The world has been amazed about the increased importance of blockchain in solving real world problems.
However, with the increasing number of new tokens to the market, only the unique and problem solving platforms amongst the 1500+ projects chains will survive after the fad tides fade. XinFin ranks as one of the survivors with a solid problem solving blockchain.
XinFin FinTech PTE Ltd announced the partnership with Ramco Systems this April in Singapore. The partnerships opens the way for XinFin XDC01 distributed ledger protocol to build revolutionary hybrid blockchain solutions in the aviation, logistics and HR departments. The open architecture will allows inter-operability with commonly used blockchain networks. The protocol uses the best features of public blockchains and private networks to settle transactions in real time with existing laws of the land and payment rails. The partnership aims at assisting Ramco’s global enterprise clients to access the services offered by the company easily while increasing business efficiency using solutions from the Hybrid blockchain.
Development of the blockchain solutions will take place in Ramco’s Innovative Lab located in Singapore. The lab was launched in 2016 by the Singapore Economic Board. The lab has taken on development and testing of disruptive application of blockchains across various industries and sectors of the economy. The partnership with XinFin is the first of its kind as the blockchain targets the trade systems in the country and eventually go global.
The token is currently traded on various exchanges on this list. The token was among the top 10 trading coins on Mercatox a day after the exchange listed the XDCE token. The coin is currently trading at $0.001 USD per token and given the rapid increase seen in a coin ranking 231 on Coinmarketcap, we may well see the coin hit $1 by the end of 2018. The low token price is an incentive to add a micro-cap coin to your blockfolio.