Summary:
Watr is a Web3 startup aiming to automate tariff tracking using blockchain technology.
Led by Maryam Ayati, former executive at Shell, the startup focuses on enhancing global trade efficiency.
The platform offers pre-transaction tariff checks, helping traders avoid financial pitfalls.
Blockchain tools are used for tracking commodities, enhancing trust and traceability.
Watr’s migration to the Avalanche blockchain signals a focus on scalability and industry-specific solutions.
Introduction
With the recent announcements from President Donald Trump regarding tariffs, a Web3 startup is stepping up to tackle the complexities of tariff tracking. Watr, led by former executives from Shell, BP, and J.P. Morgan, aims to leverage its blockchain platform to automatically track tariffs on goods entering and leaving the USA.
The Vision Behind Watr
Maryam Ayati, the CEO of Watr, emphasizes the potential of their platform, stating, "We will augment reported data with machine-sourced data from satellites and sensors to track commodity origins." This innovation could provide pre-transaction tariff checks, ensuring compliance and reducing potential financial losses for traders.
Addressing Global Trade Challenges
Watr's technology aims to address discrepancies in commodity trading, where traders might misrepresent the destination of goods to maximize profits. By using Watr’s system, traders can verify tariff obligations before any financial transaction occurs, potentially speeding up global trade impacted by tariffs.
Blockchain Technology at Work
Watr utilizes blockchain tools to track commodities, featuring decentralized IDs and digital fingerprints for raw materials. The platform's goal is to modernize the global economy's infrastructure, focusing on trust, traceability, and liquidity in trade.
Transition to Avalanche Blockchain
Recently, Watr announced its migration to the Avalanche blockchain, which allows for the creation of tailored solutions for specific industries. This move indicates a commitment to scalability and industry-specific adaptations.
Industry Perspectives
Industry experts recognize the ambitious nature of Watr's claims. Keld Van Schreven, a Web3 VC, noted that if Watr can deliver on its promises, it could significantly impact blockchain adoption in global trade. However, he also highlighted the importance of market validation and transaction volume as indicators of success.
Conclusion
Watr's innovative approach to tariff tracking could reshape the landscape of global commodities trading, making it more efficient and compliant. As the technology evolves, the potential for widespread adoption in the industry remains to be seen.
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