- Ecommerce platform fostering international trade between Brazil and China
- Based on marquee hyperledger blockchain technology
- Built on IBM Hyperledger Blockchain BaaS Infrastructure
Since the publication of Adam Smith’s ‘The Wealth of Nations’ in 1776, which, among other things, set out the theory of absolute advantage, and David Ricardo’s ‘On the Principles of Political Economy’, published in 1819, which introduced the advantageous subtleties of comparative advantage, no sensible person has sought to deny that international trade has its benefits. Even if a nation were the most efficient producer of all goods and services, it could still profit from trade because of the inescapable toll of opportunity cost. Economic resources are scarce and so making one thing always means not producing some other thing. Consequently, rather than trying to be a jack of all trades, which inevitably means being master of none, a nation should specialize in what it does best. In line with that economic theory, accepted by the U.S. Chamber of Commerce, Pacific Software, Inc. (OTC: PFSF) is now out to facilitate global trade (http://ibn.fm/SckQz). The company has announced the signing of a definitive agreement to begin construction of its proprietary ecommerce trade platform.
Under the agreement, Cobalt 47 Technologies Ltd., a spin-off of KBQuest Group, will commence construction of Pacific Software’s multi-lingual e-commerce B2B and B2C trade platform (http://ibn.fm/SuY3S). The platform is expected to be in production by November 2018 and will integrate blockchain components, including the company’s Agri-Blockchain. The technology, designed to work as an overlay to existing international distribution channels, is meant to facilitate trade between exporters in Brazil and importers in China, but, as may be expected, it has wider application. KBQuest Group, Inc. is the leading Microsoft distributor in China and was named ‘Microsoft SQL Partner of the Year 2017’.
Development of the PFSF platform will be undertaken using IBM’s Hyperledger Blockchain “Backend as a Service” (BaaS) Infrastructure The IBM BaaS platform has the capability to record, store and track a variety of digital product information, such as farm origination details, batch numbers, factory and processing data, expiration dates, storage temperatures and shipping details.
Hyperledger is the name given to an initiative, which began in 2015, when a number of blockchain developers decided to pool their resources. The 30 founding members were ABN AMRO, Accenture, ANZ Bank, Blockchain, BNY Mellon, Calastone, Cisco, CLS, CME Group, ConsenSys, Credits, The Depository Trust & Clearing Corporation (DTCC), Deutsche Börse Group, Digital Asset Holdings, Fujitsu Limited, Guardtime, Hitachi, IBM, Intel, IntellectEU, J.P. Morgan, NEC, NTT DATA, R3, Red Hat, State Street, SWIFT, Symbiont, VMware and Wells Fargo.
These companies selected the nonprofit Linux to manage the enterprise, which has grown rapidly since inception. There are now more than 230 member organizations working on the current 10 projects, involving some 3.6 million lines of code. To date, the 10 active working groups have drawn close to 28,000 participants who have attended the 110+ meetings held so far. The aim of the Hyperledger project is to make blockchain technology available as modular, open-source platforms that are easy to utilize.
Initially, PFSF’s Agri-Blockchain platform may target Brazil’s substantial beef exports to China. Every year, the South American giant exports about $5 billion of beef, most of which goes to Hong Kong. The advantages of implementing a blockchain system for Brazilian meat exports are many. The blockchain will ensure transparency and trust with regard to origin, product quality, product safety and other factors. Additionally, in the event of food contamination, blockchain will be allow experts to pinpoint the exact source, which will reduce costs tremendously. Typically, under present supply chain systems, large quantities of good food are recalled and destroyed after an alert or warning is issued by the United States Department of Agriculture (USDA). This, of course, adds the costs of wasting good food to the damage sustained by removing the infected food. Every year, around 420,000 people die due to food contaminated by bacteria, chemicals, viruses, parasites and toxins.
For more information, visit the company’s website at www.PacificSoftwareInc.com
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