Dax Sotero, [17.02.18 22:58]
Octaneum is a commodities marketplace powered by blockchain. We are implementing blockchain technology to manage the whole supply chain of the petroleum market from the pump to the end consumer. In doing so, we are providing a fair and transparent electronic marketplace that allows us to make small companies more competitive.
Octaneum will also address the issue of shrinkage. Acceptable shrinkage in the US is about 15%. Though we already have advanced technologies and sensors for monitoring supply chains, they lack the ability to communicate with each other effectively. By implementing blockchain we will be able to better account for all of the gaps along the supply chain and thus reduce shrinkage to much lower levels.
By having commodities on a blockchain ecosystem we can streamline international transactions that under normal circumstances would take weeks since every country has its own banking protocols. Institutions can now buy and sell commodities at ease with trust established through the blockchain. Buyers can access guaranteed product information and sellers can rest assured they will receive their funds.