Trade Settlement Platform
Comdex is set on the path to simplify the complicated and lengthy commodity trade settlement process with efficient practices.
The Comdex dashboard is the homepage of the Comdex platform that summarizes all details relevant to a trader. eg. active orders, current account balance etc.
The central Comdex dashboard provides traders with a summary on the most relevant details concerning their trading account. The account balance page tab allows users to either deposit or withdraw fiat from the Comdex Settlement platform.
Traders have the ability to buy or sell commodities on the Comdex Settlement Platform.
The Comdex orderbook consolidates all active sell orders on the Comdex platform for the purpose of trade visibility. Buyers will be able to clearly and categorically view sell orders and make a decision after reviewing the relevant documents of trade as well as the seller's profile.
A sell order is shown on the Comdex Orderbook once it is authorized by the Comdex Administrator. The orderbook is organized categorically and allows for traders looking to buy a commodity with in-depth information on potential profit-making deals.
A prospective buyer can opt to view details of a trade which include links to the seller's profile as well as access to the scans of the 'documents of trade'.
The Order Listing feature allows traders to set sell orders on the Comdex platform. In order to set a commodity sell order, traders must be in possession of all required 'documents of trade' and will be requested to upload the scans of these documents to the platform in order to have the order listed.
To list a sell order, a trader is required to submit scans of all 'documents of trade' as well data regarding the details of the commodity and the listing price for the transaction.
The uploaded trade documents and commodity related data is then hashed and stored on-chain for transparency and immutability.
The scans of the 'documents of trade' must match the actual physical documents that are delivered to the Comdex Management Office later on the in the process of trade settlement.
After every transaction, vital information and details of the transaction are stored on the blockchain and can be easily accessed by the traders and organisations; the data collected is then used for profitability analysis and future projections.
The complete process of the commodity trade settlement and also the information regarding the participants is permanently stored on the blockchain for permissioned entities to view. Such entities could range from commodity traders to trade financers.
The Comdex settlement system offers commodity traders the ability to make cross-border payments without the use of the SWIFT system which is expensive and time consuming. The Comdex settlement platform relies on the use of advanced Real-Time domestic settlement protocols that are present in the platform's supported trading regions.
The focus of other solutions has been largely on replacing the existing global interbank messaging architecture of SWIFT/IBAN but Comdex, on the other hand acknowledges the complexity of communication between banking systems present in different regulatory jurisdictions and chooses to leverage on the existing real-time payment networks in the region of the commodity trader.