Deal Actions: New Extendable Approach to Negotiation and Settlement
June 24, 2021
Introducing Deal Actions, a new module of the OilEx platform. The feature allows buyers and sellers of commodities to engage in a transaction negotiation using a private and secure chat communication channel enriched with specific negotiation actions, replacing traditional modes of connection such as telephone and email. These new capabilities allow trade parties to instantly connect, negotiate terms, keep track of progress, and proceed to close a deal in one singular view.
Actions are represented by simple cards, each active only at the right stage of a deal. The features are designed to be straightforward to use while facilitating sophisticated negotiation processes.
Action cards are sensitive to the context of a deal and aware of each trading party's responsibilities. For example, a confirmation of delivery from the receiving party will automatically confirm it for both sides. But when an originating party claims a delivery, the system will take note, send a notification, and wait for a confirmation from the receiver. Each completed action represents verified progress - a successful handshake between two or more parties involved in a deal.
Actions are atomic and extendable, making it possible to dynamically add new actions for things like quality control, financing, certification, loading status, and more. This also creates a flexible foundation for Hunter's trading platform to extend into trading of other commodity types.
Under the hood, actions are structured following the principle of variable contract clauses, allowing the integration with smart contracts. Deal Actions will be recorded and stored securely in a distributed ledger system utilizing the smart contract language DAML developed by the leading distributed ledger company Digital Asset. This enables both an immutable audit trail as well as the development of smart contracts replacing paper contracts and less secure and legally enforceable modes of agreement such as email exchange.
Secure, verifiable and immutable contracts of a transaction are the foundation for value-added services. An example would be enabling early payment together with our supply chain financing partner RootAnt. After signing a smart contract of a deal, the involved seller can opt to apply for financing by sending an application directly to RootAnt's blockchain-based platform in a few clicks. This enables real-time financing based on verified deals without the complexity of switching between online platforms.
"We are very excited about the new Deal Actions module bringing flexibility and natural points for extension to the OilEx platform. We can't wait to see what we will build together with our current and future partners integrating their services directly into the deal negotiation and settlement process of OilEx." - Florian, CEO
About Hunter Technology Corp.
Hunter Technology Corp. develops interactive software platforms powered by blockchain technology that digitalize and streamline physical oil trading throughout the transaction lifecycle. With its solutions, Hunter delivers more favorable economics and fair market access for all and promotes the transition towards a more environmentally and ethically responsible ecosystem. Its flagship product OilEx will connect independent oil producers, buyers, and traders in a trusted digital marketplace to optimize prices, simplify processes, improve transparency, and support a reduced carbon footprint. Through its data analytics capabilities, Hunter will offer real time supply chain management tools for tracking the origin, transhipment, and processing of hydrocarbons and the environmental, social and governance (ESG) compliance during their life cycle.
On behalf of the board of directors
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