POFID DAO Will Contribute to the Promotion of Cross-Border Trade as a Stable Coin Issuance Management Platform
The DeFi project POFID DAO based on the anonymous public chain SERO has attracted the attention of the public for its protection of account asset privacy, transaction privacy and input and output privacy of smart contracts. In addition to public and non-public asset pledges on the chain, POFID DAO can also provide a platform for stable currency issuance and management.
As a B-end enterprise-level application, POFID DAO is actively expanding its application in three areas: supply chain finance for cross-border trade, trusted payment solutions for e-commerce on the chain, and asset management on the chain. In the future, POFID DAO will develop rapidly in cross-border trade, and it will make a great contribution to cross-border trade.
During the cross-border trade process, the importer needs to contact local logistics companies to provide shipping services for the goods after signing an import contract with a foreign company to obtain authorization. In addition, the importer needs to go to the bank for foreign exchange payments, and then carry out import declaration and inspection, pay customs and value-added taxes and other taxes. The importer also cannot pick up the goods until they are released by the Chinese customs. For exporters, the process is more complicated — after signing the export contract, they need to confirm the letter of credit and contact the domestic manufacturer for export preparation. Then, they need to charter a vessel, apply for export inspection, and send the commercial invoice and packing list, inspection report, inspection instructions, and other documents, and foreign exchange settlement. Only when these procedures are completed can the exporter finalize export declaration and shipment.
This series of processes involves buying goods with cash, contacting logistics, clearing customs, dealing with downstream customers and purchasing foreign exchange from the authorities. Delays are commonplace during this time due to differing currencies and untimely data updates, which can lead to losses on both sides of the trade.
At this time, POFID DAO can come in handy. For example, recently, Qingdao Port received a batch of goods from Incheon Port. Both China and South Korea can use the POFID DAO platform to issue and use their own approved stable coins for settlement between ports while protecting the privacy of both parties. Exchange rate conversion is not a problem when dealing with settlement between ports and shipping company payments, which greatly simplifies the transaction process and the intermediate currency conversion, resulting in a simple and convenient settlement to the utmost satisfaction of both parties. It is understood that POFID DAO will obtain a third-party guarantee. Both the China-Korea Chamber of Commerce and the functional departments of the South Korean government have recognized this. With POFID DAO, private trade between China and South Korea will develop more safely and steadily.
POFID DAO is a trusted digital asset conversion channel that takes the protection of privacy seriously. Through smart contract technology that supports privacy protection, real assets can be mapped into quantifiable digital assets on the chain. In addition to its extensive application in real life, POFID DAO is bound to be an outstanding performer in the future.