Pacific Software Inc. (OTC: PFSF), an emerging business development technology innovator, is closing in on the launch date of BOAPIN, the company’s proprietary e-commerce platform designed to improve product traceability and deliver much-needed cross-border trade solutions to global subscribers. Pacific Software anticipates that its new blockchain-based trade platform will be able to register new buyers and sellers within the first quarter of 2019, according to a news release (http://ccw.fm/vyO3l).
The platform caters to the evolving needs of an international economy with features such as product certification, marketing, logistics, a commodities search/match interface, trade finance and customs clearance, multilingual communications and cross-border payment solutions. BOAPIN is being developed as a digital, blockchain-supported e-commerce website that will initially link Brazilian agricultural suppliers to China.
“As global economies explore strategies to improve cross-border data infrastructure, Pacific Software is creating smart contract technology that integrates important functionalities for seamless global supply chain management,” Pacific Software CEO and Chairman Harrysen Mittler stated in the release.
BOAPIN is described as an essential element of a new partnership that Pacific Software has signed with China and FIERO, a leading Brazilian trade association focused on developing and promoting the economy of Rondônia, a regional state within Brazil (http://ccw.fm/L6rgd). More than 7,500 FIERO members will soon be able to subscribe to BOAPIN and take advantage of the platform in a bid to expand their sales territory and ensure trade sustainability.
BOAPIN’s inner strength lies in its use of IBM’s Hyperledger Blockchain Backend as a Service (BaaS) infrastructure. The platform tracks, records and stores digital product information by integrating blockchain components that are accessible via a variety of channels linked into the Internet of Things (IoT). By linking to the IoT, the platform is expected to be able to gather valuable product data and make complex supply chains more manageable and safer for all (http://ccw.fm/T45o5).
It’s not uncommon nowadays for the public to be notified of a product recall. IBM notes that the use of blockchain technology can reduce the cost of the average product recall by up to 80 percent, according to an article published by Forbes (http://ccw.fm/9qYZu). IBM’s Food Trust system uses blockchain to connect participants through a transparent, permanent and shared record of food origin details, processing data, shipping details and more. This is vital, as food fraud costs the global food industry between $10 billion and $15 billion annually, according to the article.
In an annual shareholder letter issued on January 31, Mittler said that, in 2018, Pacific Software achieved its goal of creating a cross-border e-commerce trade platform, and he expects the company to maintain an aggressive pace as it seeks to further expand into the commercial markets of Brazil and China (http://ccw.fm/UqrU9).
For more information, visit the company’s website at www.PacificSoftwareInc.com
NOTE TO INVESTORS: The latest news and updates relating to PFSF are available in the company’s newsroom at http://ccw.fm/PFSF
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