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The Impact of Cotton Coin on the Emerging Cotton Industry

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maxiemoses-eu
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last yearSteemit10 min read

Overview of the Cotton Industry

Only those living in emerging Countries around the world will understand how deep corruption has soaked up the fiber and fabric of the existence of these Nations. Categorically speaking, the Cotton coin innovation will be properly appreciated by those living the third world Nations involved with cotton cultivation and its supply chain network.

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Cotton often referred to as white gold, births a great economic importance. It is said to span about 2.4% of the world crop land, providing huge revenue in the process, its application is noticed in the textile industry as well as in bedding accessories. But with the positives from this industry, comes the monster of corrupt practices that has left the cotton industry stalled by fraudsters

This fraudulent activities creates a disconnect in the process, birthing a situation where the farmers, and the entrepreneurs involved in the production and supply chain network are deprived of the benefits of their venture. This therefore pushes the cotton industry to the dunghill of mediocrity. With this monstrous issues in sight, cotton coin came through the dark with a sparkle of light.

The Cotton coin Ecosystem


Cotton coin is a platform that makes the cotton industry smart with the application of smart contracts birthed by blockchain technology to sandwich trust into the ecosystem; this ecosystem accommodates consumers, the supply chain participants and authorities, recording all transactions and activities via a transaction ledger that cannot be edited.

Cotton coin has a grower to buyer blockchain trackability system on which all activities and transactions that surrounds the supply chain and be reviewed. This is facilitated by the B2B and B2C dApp.

With blockchain technology the Cotton industry becomes smart, transparent and traceable.

The Cotton Coin Principles and Solution

With the recent trend in eventualities, cotton coin intend to make the cotton industry self reliable and sustainable wading the ills of corruption in the industry; in the process building trust among participants of the supply chain.

Cotton coin will eliminate corruption by instilling transparency through blockchain technology; going a step further with providing information for all involved to access. With cotton coin, the average cotton farmer and buyer is incentivized with tokens as the transact on the platform

With the interference of the third party, payment (right amount) made do not get the right hands (leaving the farmers in penury). But Cotton coin goes further with the integration of a peer2peer payment system where all transactions are executed without delays via crypto tokens in place of fiat currencies eliminating third party (banks) interference and activities of this fraudsters.

Imagined a system where all process that circumvents around the cotton industry is transparent and cannot be altered. With cotton coin all processes from planting, transporting and packaging are traceable with the use of identification tool, this identification tool records the movement of the cotton from the point of planting all through the supply chain to the final consumer.

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These records are available for all in the ecosystem to review, in cases where audits are required and it cases where irregularities are suspected an alert feature triggers off a notification

Cotton Coin Trust Integration Mechanism

First off, it difficult for those who have been hurt through corrupt practices to flip their best foot forward when it comes to trust except there a proven mechanism that justify the premise.

This is why Cotton Coin went a step further to sandwich features that will prompt the system, instigating alerts that might eliminate situations that would detect unhealthy occurrences.

Take for instance, Transportation of cotton from Port Harcourt to Porto is supposed to happen within 7days and the arrival is taking longer than normal this feature triggers off an alarm notification system that check the transport systems for irregularities.

Next off, this system embedded in the platform helps supply chain participants to scores their suppliers according to their level of performance during transactions and task execution on the network. This score cards are such that the higher score the higher the reputation and trustworthiness of the supplier. This reputation is also there for everyone to see, such that it helps participant in making their choice of the supplier

Another Mechanism by which trust can be integrated into the cotton industry is by the introduction of the Cotton Coin mobile dApp.

This dApp provides the history and the whole series of past events connected with the cotton produce and its quality and in the process it goes further to tokenize the users of this dApp with incentives. This mechanism hinged on the traceability, transparency and tokenization of blockchain births a situation where farmers leverage from the Cotton coin project to alleviate their plight.


Cotton Coin solution to Poor Cotton farmer


With restriction or delayed in payment to farmers, the handwriting of fraudsters is painted in and around the cotton industry, most times acting as middlemen who facilitates transactions. But with the emergence of Cotton Coin comes a solution that will birth a rejuvenation of the trend in the industry.

Cotton coin will make the process smart by the integration of a peer2peer instant payment system that will eliminate the action of scammers’ corrupt practices, who pretend to aid the process.

Cotton coin will introduce a backend grower (farmer) to buyer traceabilty that will manager as much as a million transaction per day. With the technologies in place the farmers are given an opportunity to leverage on the smartness of the platform to get tokenized.

USE CASE Senerio

Considering Samson a farmer in Lagos (Africa) invested the process of cultivation of Cotton (white gold), He has been in this lucrative cotton industry for quite a while but has been saddled with the pain of poverty and penury resulting from third party influence that pretends to help in remuneration as a result of the sales of his cotton produce, only to come up short with corrupt practices that has resulted in little, no payments and other times when payment are made they are mostly delayed.

With a floating information online emanating from @crypto.piotr FIRST SPONSORED REVIEW WRITTING CONTEST He signs up to Cotton Coin in a bid to make a fortune out his profession. With this comes the big bang effect, with cotton coin smart contract, Samson goes into a prospective transaction with Maxie a cotton buyer located in Port Harcourt who has signed up previously after obsevering how transparent the process can be.

The condition for the transaction are agreed, written and encrypted such the Maxie uses the peer2peer Instant payment system on the platform to pay for the product in crypto-token (COTN) in place of fiat currency.

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The fee in COTN is deducted from his Cotton coin wallet and are held up in a smart contract such the farmer Samson receives the token in his wallet when the trigger is activated on the system that Maxie has receive the cotton.

In a case where the cotton does not arrive as at when due, the Cotton coin triggers an alarm system that births a notification and then the location of the cotton at that point in time can be trace. In a nut shell Cotton coin ecosystem birth a transparency and trust to the cotton industry as well as improving the remuneration of the farmers involved in the cultivation of white gold. With this in view it is eminent that Cotton coin is coming up strong with huge impact on the way to make the cotton industry smarter and reinvent the cotton industry in and around the world with a huge impression to be made on the third world economies

Benefit of the Cotton Coin on emerging Economies

Cotton coin rolls off the ill of the cotton industry; Cotton coin redirects the cotton industry making it a dependable source of revenue for emerging economies. This it achieves by re-igniting the passion of farmer by the creating an ecosystem devoid of fraud, where farmers are properly remunerated and tokenized. With this there will a drift of interest towards the cotton industry.

Cotton coin tend to make small industries to be competitive. With the facilitation of cotton coin, there tends to be an envision boom in the cotton industry in the near future, this boom will increase employment opportunities, affect the transport system and foster economic growth.

Participant involved in all process surrounding the supply chain will be rewarded with COTN token for participation, this in the long run will serves a means of revenue generation for the citizens and the economy at large for mere using the dApp for monitoring the supply chain history.

How Cotton Coin supply Chain Traceablity Models Works

Cotton products in retail, and the information stating their movement through the supply chain pathway can be traced down to the point of cultivation by the use of the Cotton Coin mobile B2B and B2C dApp.

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With this dApp verifiable information is sent and received, this information includes the name of the farm, the weight of the cotton produce, parking number and transport verifying information. This dApp uses the phone camera to read barcodes and all of this information related to the product.

This intervention of cotton coin dApp models a huge improvement in the processes surrounding the supply chain as the product is properly monitored. Situations where the products are diverted away from it original destination are ruled out. The properties of the cotton that are intended for retail are read the barcode and QR code eliminating the activity of tricksters and birthing trust in the process

Cotton Coin Direct Instant payment link from buyers to Sellers

Cotton coin peer2peer system eliminates the activities of third parties such as banks who leverage off transaction proceedings in the cotton industry to drive home a huge turn up of profits as commission. With the elimination of this agents, cost is made effective and the actual cost charged for cotton produce, paid by the buyer are received directly by the seller at a relatively high speed that cannot be match third party agency.

Overall impact of blockchain on the cotton Industry supply line


With much said about the Cotton industry and how it can be a huge means to upturn the economic trends in the third world emerging world emerging economies; corrupt practices of fraudster have gone a step further truncate the dividend that might birth a huge advantage

This fraudsters achieve this, by kicking off their activities, by venturing into the supply line and decimating the regularity of the sequence of events creating a sequence that might create a huge profit for them. This leaves the cotton farmers and supply line participants in penury.

But cotton coin platform comes up strong with an effective solution based on the application of blockchain technology; the industry applies the use of smart contracts. This smart contract monitors all transaction on the ecosystem making the whole process transparent. The buyer pays the token required for the transaction in COTN, this token is held up until the smart contract trigger a reception signal.

The cotton coin ecosystem births two dApps that are used to deliver transport verifying information, farm name, weight and every characteristic feature of the cotton.

So with the intervention Cotton coin hinged on blockchain, births a cotton industry (cotton supply Chain) that is transparent and traceable

For More Information

 Website:https://www.cottonco.in

Whitepaper:https://cottonco.in/wp-content/uploads/2018/06/Cotton-Coin-Whitepaper-02062018.pdf

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