Blockchain Technology on Commodity Trading
The Tita Project is all about building a decentralized ecosystem powered by Blockchain technology for the buying and selling of locally/globally traded commodities and finished goods thereby setting up pedestals that enhance the financial systems of the communities where these commodities are produced. Tita project is a unique and the very first of its kind in Africa, creating a peer-to-peer decentralized market place and also a decentralized crypto-to-commodities asset exchange. Powered by the Blockchain technology, Tita Project provides transparency, security and ease of financial settlement of any trade transaction on the network across national and international borders.
TITA means Buy-Sell in a Native African Dialect. The TITA Project is all about building a decentralised ecosystem powered by Blockchain technology for the buying and selling of locally or globally traded commodities and finished goods thereby setting up pedestals that enhance
the financial systems of the communities where these commodities are produced.
A commodity is a basic good used in commerce that is interchangeable with other commodities of the same type; commodities are most often used as inputs in the production of other goods or services. Commodity may differ slightly, but it is essentially uniform across producers. When they are traded on an exchange, commodities must also meet specified minimum standards, also known as a basis grade. Some traditional examples of commodities include grains, gold, beef, oil and natural gas. More recently, the definition has expanded to include financial products, such as foreign currencies and indexes.
Technological advances have also led to new types of commodities being exchanged in the marketplace. For example, cell phone minutes and bandwidth.
This project is designed to create a solid infrastructure that solves the basic and complicated issues with the trading of commodities and end user’s goods.
We are focusing on commodities as we believe they are the basic inputs to the physical environment that we have to interact with in our daily lives.
TITA uses a blockchain-based system to provide tools for the coordination and incentivization of participants engaged in buying and selling of commodities that eventually turn into end user’s goods, and to collaborate and support financial products for producing communities using the blockchain, by creating a standard token protocol which embeds defined requirements into the tokens themselves, these tokens can be purchased and traded among verified participants .