Meet "Cotton coin"-A Paradigm Shift In The Cotton Industry.
INTRODUCTION; Problems Associated With The Cotton Industry & Its Implications
As lucrative as cotton trade might be, it seems very tough being a cotton farmer as regards the problems encountered which are but not limited to; poor working conditions, none and delayed payment to farmers, poor quality cotton, environmental pollution, lack of government support, corruption, scams and more.
These problems however, have only aggravated overtime and no immediate solutions is yet to be provided. The current adverse weather conditions resulting from global warming and ozone depletion makes the weather highly unpredictable and unfavourable to cotton farming as this soils their products.
All these majorly affect the quality, consistency and sufficiency of the crop and this
However, while these problems remain almost insurmountable, a decentralized solution is here to eliminate them, Cotton Coin.
Cotton Coin And Its Intending Impacts In The Cotton Industry
Cotton Coin is a decentralized platform built utilizing the blockchain technology and its sole aim is to create solutions to the major problems revolving round the Cotton industry by integrating consumers, supply chain participants and authorities within its ecosystem using a "front-end B2B dApp," and now the plight of cotton workers around the world can be addressed and alleviated. B2C dApp assists consumers in buying cotton directly.
The utilization of blockchain technology in this case, helps in the creation of a trusted transaction ledger, authentication of cotton sources and also tracking its delivery, reporting issues and monitoring cotton prices. However, the blockchain technology is unable to fix the changing weather patterns in the environment, which is very understandable, it will help to bring fair payment and transparency into the cotton industry system of operation thereby helping to avoid scam-related activities.
Cotton Coin with the utilization of blockchain technology will help to disrupt the Cotton industry in the following ways;
● Decentralizing the industry
It's quite obvious that in many Industries today, not only the cotton industry, there is a centralization of power and in such case, important and delicate decisions are made by the people in power solely for their own benefits which is often detrimental to the less-privilege. However, decentralising such industries, I.e, distributing power over a wide area, through blockchain technology will make everyone have a say, enabling user-user or peer-peer operation, and this is what Cotton Coin is planning to do.
● Instant Payment & Elimination Of Frauds
Just like some other platforms, Transacting on the Cotton Coin platform is made easy i.e making payments for a purchase of Cotton material is very easy as long as the wallet address of the individual or organization to make the payment to is known. It's also very fast, almost a matter of seconds.
Cotton Coins are digital, and due to this, they cannot be counterfeited or reversed arbitrarily by the sender. Using them to make payments on the platform is secured and safe.
● Low or No Fees
Making payments via banks or any other financial institution could be very expensive and involves a lot of problems. However, Cotton Coin platform will make any transaction executed on the platform easy and done at low or no charge.
● Identity Theft
Anonymity of everyone on the platform is to be maintained as one's details are not sent to the merchant before a Cotton coin wallet acount could be created and operated.
● Recognition at Universal Level
The fact that Cotton Coin is not bound by the exchange rates, interest rates, transaction charges or other charges of any country and operates at the universal level makes any international transactions quite easy thereby saving a whole lot of time and money.
With all these put in place, there will be more people(both farmers and customers) getting involved in taking the Cotton industry to the next level. The outcome of this is that; it will lead to high production of Cotton and reduce the number of people commiting suicide. Hence the title; "A Paradigm Shift In The Cotton Industry"
Aims Of Cotton Coin & How They Will Be Achieved
Cotton Coin aims at changing the current state of the Cotton industry by through the following ways;
● Making the Cotton industry more transparent
● Democratizing the access to Cotton related information as a common property
● Enabling technology to become the “authority”
● Reducing the scale and effect of epidemics and Cotton frauds in emerging countries all around the world
● Educating people through incentivizing conscious consumer behaviour
● Helping small Industries to be more competitive
From Cotton coin Whitepaper, pg 7
Cotton Coin will achieve all these through the use of the blockchain technology as described in the previous section.
The Need Of Blockchain In The Cotton Industry & Its Benefits
Data or any forms of information, once set on the blockchain cannot be altered or changed, that is, it remains constant, and this has helped to solve the issue of insecurity, trust and some others.
"Moreover, due to a great distrust and suspicions among consumers, supply chain companies and authorities, only technically unalterable logistics and cotton quality data can provide credibility."
Also, the data in the system is a common property among participants and must be
stored in a shared, distributed ledger
for "Transparency." However, for the purpose of safety, cotton-safety related data globally, remains the property of Cotton coin.
Use Case Of Cotton Coin Platform
In the case whereby cotton products need to be transported from the primary producer to the point of sale, a "Versatile Traceability System"
Also, with the aid of various identification tools of various technologies applied to planting, transport and cotton packages, tracking of items throughout the whole supply chain is possible, thereby ensuring no loss is incurred. Very helpful for the farmers and everyone along the supply chain.
If at all the system is being compromised, Cotton products can always be traced back to their origin together with cotton safety related information.
This include both their current plans and future ones. However, Cotton coin has been able to successfully run their first project in the
Summary & Conclusion
Cotton Coin believes that their solution will bring a lot of revolutionary changes in the Cotton industry as it will bring about an improvement in the distribution of cotton, solution to delayed payment issues, reduction in corruption, fair trade, and trust among the cotton supply chain companies, consumers, and authorities.
Subsequently, these available solutions will make the lives of many cotton farmers better and easier, and therefore reducing the high level of suicide rates seen today as a result of problems encountered in the cotton industry. It could bring about difference in public health.
The peer-to-peer payment network can be used as an alternative to fiat currency for instant payment. However, the utility coin has a X11 hash algorithm so that miners, who are neither in the industry nor supportive of cotton
farming benefit by generating and dumping COTTON COINs into the exchanges for quick profits. Also, volatility of the coin will be ensured.
Thanks to COTTON COIN it's obviously the WAY.
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