TradeTech UAE to launch Global Blockchain commodity trading platform

TradeTech UAE will be launching a global Blockchain platform for commodity trading in Q2 of 2020. UNLOCK interviewed Mr. Dheeraj Khandelwal, an investor and promoter of TradeTech. Dheeraj, a charter accountant with over 20 years’ experience is also an experience trader of industrial commodities.

Over the years Dheeraj noticed that there were many issues in the commodity trading sector that could be overcome with the use of Blockchain, and with this in mind he along with a team with expertise in bulk commodity trading globally, trading of commodities like minerals, metals, energy related products. (coal, iron ore, manganese ore, limestone, gypsum, copper and salt etc.) conceptualized a platform that would solve many of the issues facing commodity trading.

As such, TradeTech provides solutions to all commodity traders capitalizing on the blockchain technology. This blockchain technology brings all related parties like buyers, sellers, miners, traders, shipping agencies, port authorities, banks, insurance companies, inspecting agencies, etc. all on one platform for seamless, secured and  easy trading.

The TradeTech platform is currently being developed by more than 30 people based across Dubai, India, and Singapore. As Dheeraj explains, “I endeavored not to build a blockchain platform but to solve the problems of physical trade and it so happened that blockchain as a technology could resolve issues pertaining to trade finance and letters of Credit. There are millions of LCs rotating around cross border transactions daily many of them between UAE and surrounding countries including Africa.”

According to Dheeraj,“ for example most of the times there are limits on the LC whether I am an importer or a buyer. In addition when someone issues an LC the documents take time to reach the importer because it is usually sent through a carrier be it DHL or others, reaching anywhere between 15 to 20 days especially for commodities. Utilizing the blockchain saves time because you immediately receive the LC and acceptance. With Blockchain platform all the stakeholders are on the platform, the importer, exporter, banks and event governmental entities and everything is happening in real-time.”