With the development of global integration, the supply chain industry has become more and more complicated . Raw materials and products are spread all over the world and flow through a number of suppliers, manufacturers, distributors, operators and service providers.
In traditional procurement, due to the information asymmetry between the two parties, the two parties cannot accurately obtain the real credit information and transaction records of the other party. At the same time, in the process of enterprise procurement, how to effectively establish an open and transparent procurement management system, prompting enterprises to reduce procurement costs is also the most Concerns.
YOOSourcing (YST) is a globally procured collaborative and decentralized solution that uses geolocation, dedicated instant messaging tools, blockchain- based smart contracts, and machine-learning matching systems between buyers and suppliers. Bringing trust and transparency to international trade to optimize and accelerate the procurement process.
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On the afternoon of June 21st, YOOSourcing Global COO, China Vice President Xu Jianhai as the guest chain node AMA, answered the questions about YOOSourcing and global trade.
Talking about the relationship between Cardano and YOOSourcing , Xu Jianhai said that Cardano is a shareholder of YOOSourcing, providing consulting and technical support for YOOSourcing in terms of operational planning and market capitalization planning.
Talking about the advantages of YST , he said that YST's biggest advantage is the application of blockchain technology in international trade, which is a real application scenario.
When talking about YST's recent plans , he said that there are three aspects: during the exchange on the exchange (at the end of June), community interaction will increase; develop a new version of YOOSourcing APP; open up Yoosourcing agents in countries around the world. The following is the AMA featured content, Babbitt finishing release:
Cardano's relationship with YOOSourcing
YOOSourcing is the first collaborative project invested and incubated by Cardano EMURGO (ADA) .
The YOOSourcing team has a professional R&D team. The research team gathers the world's top blockchain technical talents. They have a global perspective and have rich experience in project development. The following are some of the members :
Milad Nouri is the founder and CEO of the project and an EMBA lecturer at the Lyon Business School in France. He has more than 10 years of entrepreneurial experience in the trade field;
Manmeet Singh is the co-founder of the project, Chief Information Officer of Cardano, Chief Investment Officer of CIO, with over 14 years of global trade experience;
Xu Jianhai is the COO (Chief Operating Officer) of the project and has many years of entrepreneurial experience in the IT field;
Chen Lingpeng is the CTO (CTO) of the project and has 17 years of experience in software development and telecommunications. When asked about the relationship between Cardano and YOOSourcing, Xu Jianhai said that the cooperation between Cardano and YOOSourcing is the result of mutual choice . He says,
From the shareholder structure, it can be seen that Cardano is a shareholder of YOOSourcing. Cardano provides consulting on operational planning and market capitalization for YOOSourcing. At the same time, Cardano's blockchain technology has attracted us. We recognize its blockchain technology and they recognize that we are a good landing application.
Compared with similar technological innovations, he believes that the advantages of YOOSourcing are reflected in the technical cooperation with Cardano. "This is something that other platforms cannot do."
He also revealed that YST's release planning experts are from the Ada team, and YST market value will refer to the trend of ADA currency prices. As for the question of "internal confusion in the ADA," he explained,
The ADA thing was a rumor last year, and the situation we learned was not confusing.
Advantages of YST
Blockchain technology can establish a new and trustworthy shared business collaboration model, so that each participant can ensure data security more convenient and smooth in the process of collaboration, and then solve the pain points in traditional procurement.
At the same time, in such an ecological environment, value transmission can be carried out concurrently with the development of commercial activities, and the capital utilization rate and value circulation speed of each enterprise can be improved to support more commercial development.
YOOSourcing has been operating globally since 2016 and currently has 240,000 corporate users worldwide , 70% of which are buyers, 25% are suppliers, and 5% are service providers. It also provides underlying technical services to a number of well-known companies including Wal-Mart and Metro. Chinese users account for only 20% of them.
YST is the digital certificate of the YOOSourcing platform , with a total of 800 million pieces, which are destroyed and repurchased according to the platform profit every quarter. YST uses an innovative consensus mechanism: TPoS+PoW+DPoS, which has higher system efficiency and transaction processing capabilities than the traditional PoS/PoW/DPoS mechanism.
YOOSourcing COO Xu Jianhai believes that YST's biggest advantage is the application of blockchain technology in international trade, which is a real application scenario. He admits that the YOOSourcing platform cannot be absolutely decentralized.
“We are not a pure decentralization project, but we apply blockchain technology to international trade.”
As for the profit model of the platform , he said that the profit model includes membership fees, advertising, enterprise version of SaaS model, QC transaction service revenue, trade big data service, big data collection, and financial services.
YST's near-term planning
Recently, YOOSourcing founder and CEO Milad Nouri said in the event in Hangzhou,
The centralized Internet sharing economy will certainly be subverted by the decentralized blockchain sharing economy. In the next 10 to 20 years, almost all enterprises will use blockchain technology to set up companies, sign contracts, register digital assets, and manage supply chains. Logistics, sales, financing, finance, tax payment, etc. Blockchain technology gains a greater competitive advantage. Conversely, companies that do not make good use of blockchain technology will be eliminated, no matter how strong they are today.
Xu Jianhai also had a similar idea. Regarding the blockchain, he advocated the return to "technicalization" and "means"; on the card , he insisted on "eliminating the region" and moving toward "globalization." The clear idea between the two is fully reflected in the innovation of YOOSourcing.
He does not overly believe in technology, but repeatedly emphasizes the service experience. He believes that the trust economy behind Token is the battlefield and destination that the blockchain must enter.
Although blockchain technology is characterized by openness and transparency, and information traceability, not all information can be made transparent . Some netizens have raised such doubts:
Some trading information can be carried out even if it is not made public. Will information disclosure cause many companies not to trade on the YOOSourcing platform?
Xu Jianhai replied,
YOOSourcing will use smart contracts in the form of smart contracts for important node data such as quality inspection reports, order contracts, customs clearance reports, and bank statements. But these involve the privacy issues of both parties to the transaction, and all are not open and transparent. However, we will indicate defaults and bad records, and authorize parties with the need to view them before they can view them.
Talking about the recent planning of YOOSourcing , he said that there are three aspects:
1. During the exchange on the token, community interaction will increase;
2. Develop a new version of the YOOSourcing APP;
3. To open up the YOOSourcing agents in all countries of the world. Currently, there are three countries in Thailand, Brazil and China. It is worth expecting that at 19:00 on June 24, the two founders of YOOSourcing, Milad Nouri and Xu Jianhai, will be in the ChatNode live room to have a deeper exchange with community users.