Startup Idea: Blockchain Integration for Barter Trade Platform
I am a Development Manager at an established Barter Trade company. We are trying to move our business to a global scale. The nature of barter trade is that it is localized to a particular geographical area. Potential buyers and sellers must be able to access each other. I found a business opportunity trying to solve the geographical limitations. We have approached a tech-company and they created a website and an app on the open source Software as a Service (Saas) platform for global reach.
Now, our customers can interact on the platform from different parts of the globe. We are thinking that if we can move the business on the next level and incorporate blockchain technology it will enhance several things for the business. Currently, we are incurring a lot of costs by engaging verification and shipping companies.
Every time there is a transaction of people cannot be able to meet each other, they must engage verification and shipping companies which is a cost for the clients and us making business inefficient. We have noted that every time we involve verification companies, the transaction success rate is less than 52%. We need to hit 80% success rate for the business to achieve critical mass.
Blockchain we reckon will assist us to keep one-time credible registries of all barter goods available such that renewal of these registries can only occur once per year than verifying the same goods everytime a buyer comes along. It will be helpful to our community since traders will gain more reputation and costs will plummet and hence enhancing business volume.