Cotton Coin The crypto that would help save lives in the Cotton Industry
How Cotton Coin would be able to disrupt and improve the cotton industry around the world. Helping both farmers and their customers?To answer this question we have to see the existing state of affairs in the cotton industry For this let me introduce you to a cotton farmer working in a 3rd world country. He has no face, no identity and no voice. He works 24X7 in the fields. There are no Sundays or holidays for him.
He toils endlessly in the fields with the hope that when the crop is ready he would get paid. He works under poor working conditions.
Payments to him are often delayed and at times never happen. The government tries to support the farmers by giving aid, subsidies and fixing a minimum purchase price. However due to a centralized nature of fund disbursement and lack of information flow funds and support rarely reaches the worthy and rightful farmers. A lot of these payments are delayed, the money is lost in scams and ends up in the pockets of middlemen.
The cotton farmer has to face the environmental pollution as he toils endlessly in his fields without any cover or shield.
Due to the changing weather and hostile conditions his cotton produce may drop or quality may suffer due to erratic weather and ozone depletion.
Without any support he is the victim of corruption, exploitation and scams.
So next time you pick up a cotton garment spare a thought for the cotton farmer who grows cotton that is used to make 50-100% of our clothing and 80 % of our bedding.
Yet the only time we get to hear about him is when he hits the headlines that is when he kills himself by hanging from a tree or consuming a potent pesticide like Mosanto.
So what would Cotton Coin do ? They bring in a blockchain.
A blockchain is like a ledger, a record book that keeps entries and records of all transactions.
So information like sending of cotton as it passes from various check points from the farmer to the cloth factories and finally into the hands of the consumer can be logged for easy reference. Along with it even payments that are supposed to reach out to the farmers can be done instantaneously keeping out the middlemen who cause corruptions and scams.
The beauty is that this Blockchain is available to all the involved parties to be scrutinized and validated. So there would be no place for the corrupt to hide. This transparency also helps build trust.
No party can make an excuse and delay payments, The deliveries can be validated and it can also help investigate any delays and malicious trade practices like poor quality cotton being provided by a middleman in place of a high quality variety or stealing of part of the consignments while in transit. This would be easy to detect helping in preventing losses to the involved parties.
That is not all, farmers can find the prevalent market prices and can expect to get the best market rates for their produce. Information like soil testing, crop testing would be easily available to them making their lives easier and more productive.
Cotton Coin is creating an ecosystem where data can flow easily in the cotton industry without the risk of corruption or modified to suit individual needs for this it is implementing.
Versatile Traceability System
When it comes to moving the cotton from the farmers to the consumers there are a lot of processes involved. For each country the process may differ. Cotton Coin is creating a modular structure breaking down this entire process into a series of logical steps. This could help to customize the process flow and data requirements according to needs by using the modular nature of the Cotton Coin as building blocks to create more complex and customized models.
The Cotton Coin Project would use its specially built dApps to scan shipping labels having QR codes to read/write/update data about a tracked item.
This would help the easy flow of information between various checkpoints and the involved parties.
This not only helps track shipments but also pinpoint reasons of delay and create a rating system that can help assign performance based rating to suppliers and help build trust based upon performance.
It Supports Responsible Consumer Behavior as a dApp available to the consumer would help them check the history of the cotton and also its quality.
The consumers would be rewarded for doing these checks and earn CottonCoin tokens.
Industry Management Tool ~Practical Implementation of Cotton Coin
The Cotton Coin project would provide a B2B dapp. Which is a multilingual mobile admin dApp, optimized for low-end phones.
The use of dApps is role based to suit various industry roles such as a refine house, Packaging house etc. Based on the process each participant who uses the dApp has his own set of processes, menus and functions such as:
"Logistics transactions - sending and receiving transport, verifying information provided by the previous step"
"Cotton safety information - providing weight, package number, farm name, etc."
"Identification tool management – inventory and ordering of identification tools and transactions"
"Authority tools – functions of the supply chain enforcement for the authority."
The mobile dApp would use the phone's camera to read the 1D/2D barcodes to identify items (Cotton package, transport, Cotton product) as part of processes.
Standard interface Compatibility
CottonCoin is compatible with 3rd party logistics and traceability solutions.
CottonCoin would enable the passing of tracebility information to and fro 3rd party logistic companies.
CottonCoin project would enable that the Supply chain participants get daily, weekly and monthly reports that that both tables and charts related to the activity for easy understanding.
B2C Consumer Mobile dApp
Targeted at the consumers the CottonCoin B2C app would help the Consumer view the history and the characteristics of cotton they are buying. To do this all they need to do is scan the QR code.
Blockchain is implemented to achieve two aims
- The Token Transaction Ledger
A public network would be used to implement the token payment solution.
- Traceability Transaction Ledger
Transaction and cotton related information would be stored on a private blockchain and driven by an internal technical token that is the transaction token.
The supply chain company would have 2 wallets
a) The Cotton Coin wallet on the public network and this can be accessed via the Cotton Coin mobile app and
b)Transaction wallet : This is on the private network and this can be accessed via the B2C mobile dApp.
The more I study about Cotton Coin the more I get fascinated by the instant payments system that can bypass the corrupt people and ensure that the farmers get timely payments.
The Cotton Coin tokens can be used as a currency to buy and trade information.
The supply chain companies can set a price for the cotton related data and they can get paid in Cotton Coins for this information.
An overview of the Cotton Coin System
A B2C app for the consumers
Conscious Consumers would be rewarded for using the B2C app to scan a QR code on a cotton product and find more information. A smartcontract would release Cotton Coin tokens from the cotton coin consumer rewards wallet to the Consumers cotton coin wallet.
These Cotton Coin tokens would be listed on exchanges and can be bought and sold there.
However even before that there is an opportunity to own a Cotton coin smartnode and support the Cotton Coin ecosystem. A smartnode holder would earn cotton coins daily.
3000 Cotton Coins are required to run a smartnode. Currently as I write this post a Cotton Coin smartnode Presale is under way.
So as consumers we can become more aware citizens and support the cotton farmers by tracking the QR code present on the garment with the Cotton Coin B2C app. This would help spread awareness about the state of the cotton farmers and encourage companies join the Cotton Coin ecosystem and save the lives of the Cotton farmers.
The purpose of this post is for information only and not an investment advice.Please do due diligence before making an investment.