The recent times have seen blockchain technology find adoption in several different spheres and industries including healthcare and transport. The industry of which it was originally an integral part of(fintech) has also begun to see increasingly diversifying uses of blockchain solutions. A unique use that has been introduced to this industry is carrying out barter over blockchain. The platform that has pioneered this facility is one called MYTC or My Trade Tokens and it allows for flexible trading using a common currency across different kinds of service providers.
Allowing for peer-to-peer exchanges, blockchain always had a clear potential for establishing reciprocal exchanges and now MYTC is making an attempt to tap it using its intuitive trading platform that aims at maintaining transparency and boosting efficiency. It seeks to introduce innovation in this sector by developing a network which effectively connects small and medium firms, and enterprises with one another. It plans to build a bridge between these firms, by coordinating their reciprocal exchanges and allowing them to invest time and material resources in their primary business concerns. If a large set of merchants begin to accept MYTC tokens as legitimate forms of payment in exchanges of services, then a strong and self-sufficient web of merchants who act as both customers as well as consumers can be created.
MYTC’s platform is envisaged to be automated and integrated in such a way that it provides ease of transaction as well as great flexibility. It provides for flexible trading by making sure that one doesn’t have to make purchases from the same enterprise making purchases from one and the platform can be used to spend the tokens on a local as well as global level. In addition to this, it allows for selling now and buying later and vice versa facilities as well.
MYTC also gives sufficient exposure to these small and medium undertakings by allowing them to interact with other firms within the network and gaining profits out of cashless exchanges facilitated by the use of Trade Tokens. Business owners or entrepreneurs usually find bartering convenient since it is cashless and helps to mobilize idle inventory and resources to get material benefits or profits in return for that. MYTC hopes to bring flexibility and accessibility to this form of exchange by making sure firms can always engage in reciprocal exchanges with some firm listed on the platform using a common currency, the Trade Tokens. Using blockchain’s ability to ensure transparency, security, indelibility and immutability, it builds a safe and comprehensive network of enterprises and helps fuel their expansion.
By making use of spare resources lying idle, giving exposure and improving cash flow, MYTC can help customers expand operations, make actual profits and boost productivity. A cryptocurrency having a private and safe trading network with low fees compared to centralised ledgers, MYTC also helps to bring a community of entrepreneurs together and widen distribution channels.
An ERC20 token powered by Ethereum, MYTC maintains strict security protocols which binds the business community together with trust and reliance. With an E-Wallet easily available on mobile phones, it will become accessible for large sections of emerging economies such as Latin America where about 60% of the population are unbanked and lack a unified platform for coordinating their trade. Since it has a lucrative target audience ready, with rising adoption and usage of smartphones, MYTC seems poised to take the world of bartering by storm, by employing a technology that checks fraudulence and promotes greater cooperation and integration.