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Blockchain is a decentralized digital ledger technology that allows multiple parties to participate in a peer-to-peer transaction in a secure, transparent and scalable way without any form of interference or intermediary. This is aimed at making the system fair and independent of any central control.
Gonana is a unique and web3 enabled marketplace for commodity traders worldwide, its innovative technology stack enables seamless interaction for local and international traders to connect and conduct business transparently by leveraging the power of Blockchain technology.
Deploying Gonana marketplace on the blockchain was necessary because we wanted to return power to the commodity traders which was previously resting with the middlemen who eventually determine how and what the traders get as payment for their hard work. To show demonstrate our sincerity of purpose and show our level of transparency we chose to leverage the blockchain technology and the following are things we want to promote:
- 1.Decentralization: This becomes a market where every trader connects to his customers independent of any middleman there by creating direct access to the market and removing any form of central authority that determines market prices or some other market condition.
- 2.Trust and Transparency: Every transaction can be transparent as princesses are negotiated directly with the traders and payments are made to the traders directly, thereby removing any bottlenecks that are attached to transactions done through middlemen. These transactions can be traced as well.
- 3.Security: This is one of the features of the blockchain and it can help to prevent any form of fraud or attempts to hack the marketplace.
- 4.Lower Costs: Commodities are expensive because the middlemen ensures they make as much profit as possible both from the customers side and on the trader’s side. The middlemen usually takes a very large sum of the total profit due to the trader by claiming most of the profit goes to logistics and supply chain; and because the trader doesn’t have access to these customers directly, he settles for what he gets. Gonana marketplace takes as little as 1.5% for every successful transaction on the marketplace and the buyer pays for delivery of the commodity they order, making it cheaper and easier than going to the open/traditional market to buy.
- 5.Global Access: Gonana presents an opportunity for commodity traders to connect directly with customers regardless of their geo-location. It presents the commodity to a pull of global customers who are willing to buy or sell commodities in a marketplace that is fully decentralized and without any influence of a middleman.