“We will also soon be able to augment reported data with machine-sourced data from the myriad of satellites, sensors, and open source repositories out there watching to see where commodities have come from… were they transferred from a different ship on the sea, for instance?”
Imagine a world where tariffs are seamlessly tracked before transactions occur, potentially reshaping global trade dynamics. This is the vision that web3 startup, Watr, aspires to fulfill through its innovative blockchain platform. With President Donald Trump’s recent tariff announcements stirring up economic uncertainties, Watr’s proactive approach could introduce a new era of transparency and efficiency in international commerce.
Founded by former Shell, BP, and JP Morgan executives, including industry veteran Maryam Ayati at the helm, Watr boasts a seasoned team with deep-rooted expertise in commodity trading and finance. Their platform has already gained traction among major mining companies and auto manufacturers for validating commodities – signaling promising potential behind their ambitious goals.
“Some non-western governments we’ve spoken to say that Western-country commodities traders sometimes claim that a commodity they’ve bought will be going to, for example, Europe but then it’s sent to an Asian market.”
The utilization of blockchain technology enables Watr not only to ensure compliance with tariffs but also to enhance traceability across supply chains. By leveraging decentralized IDs and digital fingerprints for raw materials, the startup strives not just for token hype but genuine transformation in how trust and liquidity are managed within global markets.
Initially focusing on ESG considerations back in 2022, Watr has since pivoted towards monitoring sanctions and tariffs – aligning their services with changing regulatory landscapes. The announcement of their migration to the Avalanche blockchain network underscores their commitment to tailor-made solutions for specific industries like commodities while ensuring scalability remains at the forefront of their strategy.
While previous initiatives in blockchain-based trade solutions have faced challenges post-launch, experts remain cautiously optimistic about Watr’s prospects. Keld van Schreven from KR1 acknowledges the significance of Watr’s endeavors in pre-trade tariff validation ‘onchain,’ emphasizing that successful implementation could herald a paradigm shift in blockchain adoption across global trade realms.
“That said…the proof will be in actual transaction volume and industry adoption beyond the initial pilot stage.”
As Watr navigates uncharted waters within the complex terrain of international trade dynamics, its ability to deliver tangible results will ultimately determine its long-term success. With substantial backing from crypto VCs and industry leaders coupled with innovative solutions tailored for today’s challenges; all eyes are on whether this web3 pioneer can indeed disrupt conventional practices and pave the way for a more transparent future in global commerce.
Leave feedback about this