Pofid DAO: The Privacy-Focued Platform Looking to Revolutionize Payment in the Global Supply Chain
According to the 2019 Deloitte Global Blockchain Observation, 50% of companies are hesitant to adopt blockchain technology out of concern for privacy-related issues. Paul Brody, head of Ernst & Young’s global blockchain program, said that companies may be interested in using blockchain technology to transfer funds, but they are intent on protecting their trade secrets. Corporate participation cannot be realized unless DeFi can solve these issues of privacy and security. It goes without saying then that the lack of privacy we see in DeFi may become a constraint to the growth of the industry as a whole. This observation has garnered significant attention and forward-looking startups have begun to actively search for ways to protect data privacy.
The emergence of the world’s first privacy-focused DeFi project, POFID DAO, can be said to provide new ideas for the privacy protection of enterprises and users. POFID DAO not only solves the transparency problem of decentralized cryptocurrencies, but also allows for anonymous payment and the privacy protection of data, perfectly meeting the stringent needs of businesses.
POFID DAO is a platform that allows users to issue and manage their own stablecoins and actively cooperate with third parties to promote cross-border trade. An example of an application is the import of milk powder and baby products from the Netherlands. As a large exporter of dairy products, the Netherlands exports a large amount of milk powder and infant products to China. The Dutch exporters need to control a whole set of tasks, involving transportation, packaging, storage, etc., while the Chinese side needs to contact customs for customs clearance. The entire process can be cumbersome and complicated, and a series of currency conversions are required. Additionally, many Chinese importers hope their purchase of infant products is private and anonymous — something that is usually not feasible. In this application scenario, POFID DAO can be used as a platform for the Netherlands and China to issue stablecoins and trade with each other directly. This is something that greatly simplify the process while also protecting the privacy of both sides.
In addition to cross-border trade, POFID DAO is also actively expanding into two areas: on-chain asset management and trusted payment solutions for on-chain e-commerce platforms. In the future, POFID DAO can make full use of its privacy-protecting features, promoting the implementation of DeFi products, and making great contributions to commercial development.
Compared to other DeFi projects, POFID DAO has a wider range of functionality and a greater reach, starting from the the protection of users’ data. POFID DAO’s application to supply chain finance can be seen as a revolutionary experiment to shake up and disrupt the foundations of global trade.