E-FRESCO, a fresh fruit virtual market, is introducing blockchain capabilities to help sustain cross-border needs, according to a report.
In the U.S., Canada, the Middle East, Europe and South America, customers trying to buy fresh fruit and vegetables online through the marketplace can now use blockchain-based shipment and B2B technology.
The need for that, according to founder Ammar Alshami, is rooted in the need for transparent transactions, reducing time and work put in, and less costs.
Alshami said in the report that the complexity of the shipping process over borders all but necessitated a blockchain-based system. Much of the world’s business runs digitally now, and especially during the coronavirus crisis, this kind of technology can make things easier and less risky.
Alshami added that a number of different variables in the process also makes a blockchain system desirable — cross-border payments often deal with everyone involved in the process, including shippers, inspection companies, importers, exporters, companies and banking systems, according to the report. Digitization could vastly streamline the process.
E-FRESCO is different from a typical market where buyers just connect with sellers. The company also offers tools so farmers and agribusiness leaders can expand their cross-border operations, according to the release.
By introducing the blockchain platform, Alshami said in the report that the portal would let sellers find sourcing needs, identify clients, and secure shipment and payments all in one place.
E-FRESCO is attempting to better promote items on its service, pouring over $10,000 per month into advertising individual postings, and putting ads on social media that are automatically posted there whenever an item is posted on E-FRESCO.
While the coronavirus pandemic has thrown everything into disarray, experts say this could be a moment for businesses make needed changes in their processes. That could include sharper cross-border platforms.
