Tuesday, November 13, 2018

Pacific Software, Inc.’s (PFSF) Blockchain eCommerce Platform Could Ease the Way for Chinese Exports to US

  • Pacific Software promoting its B2B ecommerce platform in China
  • Food supply chain tracked using IBM Hyperledger Blockchain BaaS infrastructure
  • Platform will link supply chains to “internet of things”
Whether it’s in the FX market, in precious metals or in foreign trade, fighting market forces is never a good idea, an admonition recently accentuated by a column in the Financial Times (http://nnw.fm/bf1fS). Despite the imposition of tariffs on $250 billion of Chinese imports into the U.S., those imports “rose 13.2 per cent in October (2018) from a year earlier.” Since 2013, China has been the world’s largest trading (imports plus exports) nation. The likelihood is that it will continue in that position for some time to come – a development that Pacific Software, Inc. (OTC: PFSF) is set to capitalize on. The company sported its Latin American connections at the recently concluded Autumn Canton Fair, where it demonstrated its blockchain ecommerce platform to Chinese importers and investors.
The Canton Fair, which ran from October 15 to November 4 this year, is China’s largest trade fair. The Fair presents an opportunity for the 20,000 or so vendors located in and around Guangzhou to display their wares to the 200,000 buyers, investors and other visitors in attendance. On October 31, 2018, Pacific Software’s show-and-tell took center stage, when the company hosted the Fair’s “Latin American Night” as a co-sponsor (http://nnw.fm/Wp394). The event, made possible by soliciting Brazilian companies, local governments and trade associations for sponsorships, allowed the company to demonstrate its B2B e-commerce blockchain platform in an exotic setting. Presentations took place against a backdrop of cuisine and cultural events.
Development of Pacific Software’s multi-lingual ecommerce B2B and B2C trade platform kicked off in August 2018, after Pacific signed a definitive agreement with Cobalt 47 Technologies Ltd. (http://nnw.fm/4H1gQ). Cobalt is a spin-off of KBQuest Group, a leading Chinese Microsoft distributor that was named “Microsoft SQL Partner of the Year 2017.” The platform is meant to ease trade between exporters in Brazil and importers in China. However, its design as an overlay to existing international distribution channels means that it could have much wider application. The technology, which will integrate blockchain components, including Pacific’s Agri-Blockchain, is slated for release by year-end.
Development of the PFSF platform will be undertaken using IBM’s Hyperledger Blockchain “Backend as a Service” (BaaS) infrastructure The IBM BaaS platform has the capability to record, store and track a range of digital product information, including farm origination details, batch numbers, factory and processing data, expiration dates, storage temperatures and shipping details.
Pacific Software is touting the benefits of its blockchain trade platform in smoothing the passage of Brazil’s substantial beef exports to China (mostly Hong Kong), presently running at a rate of about $5 billion per annum. The platform will improve transparency and trust with regard to origin, product quality and product safety and allow food contamination to be more easily detected by tracing the exact source. This will reduce costs tremendously. Under present systems, large quantities of both good food and bad are recalled and destroyed, because it is difficult to pinpoint the precise origin of an outbreak of Escherichia coli (E. coli), Salmonella enteritidis or some other contaminant. In addition, it could save lives. Every year, around 420,000 people die due to food contaminated by bacteria, chemicals, viruses, parasites and toxins.
Pacific’s B2B blockchain platform will also incorporate the capability to accept data from a variety of devices connected to the internet, such as barcode and RFID readers. Its ability to link to the “Internet of Things” will increase reliability and response time, making supply chains a great deal safer.
For more information, visit the company’s website at www.PacificSoftwareInc.com
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