Technology has gotten hotter and hotter than ever before. We are sometimes in great awe of all the marvels of inventions in several industries in the world. The one that piques our interest the more is the recent wave of web 3 development. It’s amazing to watch how the blockchain system is literally influencing and improving many things around us.
As technology advances, there reaches a point at which improving technology provides a massive breakthrough inefficiency to conquer the huge fees related to logistics, customs, and other associated fees. Today, we’ve arrived at that moment in time.
With the emergence of a pandemic and the resulting strained supply lines, there has not been a more excellent time to step in with an advanced solution that incorporates digitalization, productivity improvements, and instant delivery times, as well as the enhanced security and visibility offered by modern ledger technology.
Meet enVoy
enVoy is a supply chain and financing platform that spans the entire supply chain. It offers impressive services and its products are one of a kind. In a fat nutshell, enVoy will use tokenized letters of credit (tLCTM), tokenized bills of lading (tBLTM), Smart EscrowTM, Voy pay global supply chain payments system, and other groundbreaking technologies to catalyze a progression in trade finance. Distribution across the supply chain will be at near-instant speed and lower expenses with enVoy’s amazing updates.
enVoy intends to be a key motivating force in the development of trade. If you’re thinking that these are really daring promises to make and you’re wondering how enVoy hopes to achieve this, here’s how: enVoy hopes to achieve its goals through digitalization, reduction in risk, increased transparency, greater trust, and early response times, enVoy This will catapult supply chain and trade finance into previously unimaginable realms.
What more could there be about this ambitious project? There’s so much more!
enVoy has its eyes on sustainable energy. It is leading the way in beneficial environmental transformation and green energy investing with sustainable finance by merging vessel carbon, supplier tracking, and carbon discounting. enVoy is the much-anticipated advancement in Trade and Supply Chain financing, enabling the terrific reset in the aftermath of a global pandemic and propelling the fourth industrial revolution forward.
There are many brilliant sides to the enVoy project, you don’t miss any detail. Read on to learn about the amazing features of this project.
Features of enVoy
1. Tokenised Letter of Credit (tLC)
The Tokenised Letter of Credit (“tLC”) is one of enVoy’s first big-time innovations. If you’re wondering what a tLC is, it is a note which guarantees a buyer’s payment, usually via a secured loan. This letter is a pretty big deal in the supply chain because it assures the seller they will receive payment for their goods.
enVoy creates NFT for each contract by digitizing and tokenizing the letter of credit. An NFT serves as a digital repository for real-world assets (such as title to goods, bills of lading, and shipping manifests), legal agreements, and workflow advancement (escrow transactions), and this NFT can then be modified, traded, or sold as a single digital package.
2. Tokenized Bills of Lading (tBL)
enVoy’s solution will include a tokenized Bill of Lading (tBL), which, like the big guy we discussed earlier — tLC — comes with a slew of digitization benefits. The groundbreaking NFT solution from enVoy makes it possible tBLs to be linked to a specific contract and connects physical goods to digital contracts and processes. To avert forgery, enVoy employs security measures such as unique digital signatures and encryption.
enVoy can implicitly automate events such as the update of title or the distribution of goods by merging this with finance facets such as loan terms, escrow, and smart workflows. What used to take days or even months of manual processing and human intervention can now be completed instantly and in minutes.
3. NFT Wrapped
NFTs enable enVoy to bundle contracts, loans, titles, eBL, validation checks, and other services into only one configurable package that can be traded. This represents a one-of-a-kind token that cannot be reproduced or counterfeited. This NFT concept lends itself to being the ideal repository for the multiple digital assets created during supply chain operations.
4. Smart Escrow™
enVoy uses smart workflows to avoid losing time, lessen counterparty risks, reduce the need for human involvement, and promote trust through the issuance of tLCs and tBLs.
Practically speaking, Smart Escrow can provide automated, event-triggered contract execution (e.g. international transfer of funds). Instead of using a traditional letter of credit, enVoy’s Smart Escrow automatically transfers ownership rights of a tLC at the same time that title to a tBL is transferred; this is an atomic transaction in which one leg cannot occur without the other.
5. Frictionless Payments
Cross-border payments, clearing, and remittance have been a slow process at the corporate level since forever. Users will be allowed to send and receive fiat or tokens of any denomination through enVoy’s payment platform. All of this can happen in a matter of minutes rather than days. This is accomplished through enhanced prescreening and comprehensive Anti-money laundering processes, teleport bridges, and the use of undergirding virtual currency exchanges (CEXs) and decentralized exchanges (DEXs).
Tokenomics
VOY is central to enVoy’s performance. It is primarily designed to become a utility token native to the Corda blockchain and is an integral part of the enVoy funding movement.
The token supply in the VOY token economy will be fixed at 500,000,000 VOY. 10 percent (VOY that is, 50,000,000 VOY tokens) will be readily available for sale on exchanges, as well as for targeted marketing and contests. The enVoy platform will retain VOY 450,000,000 in reserve to fund future demand. It should be noted that when the enVoy Teleport Bridge is used to transfer tokens to foreign chains, the cumulative token supply remains constant; VOY tokens are fungible on all platforms.
At first, VOY tokens will be listed on Singapore’s Liquid virtual currency exchange and have received legal opinion letters on their utility token status. VOY tokens are not a security and may not be sold to persons from the US or any other specifically banned entity or individual.
Meet the Brains Behind enVoy DeFi
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enVoy DeFi’s Website
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enVoy DeFi’s Telegram Community
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enVoy DeFi’s Twitter Community
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enVoy’s Medium Page
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