Let the Blockchain be your Escrow
Removing the need for banks as an intermediary in the international trade
Supported by/
partnered with
The current Escrow process for import and export is broken
- They complicate and prolong the process of receiving a Letter of Credit (LC) with unbelievable amount of paperwork and bureaucracy
- They use their intermediary position to charge enormous fees that make some deals unprofitable.
- They prevent many deals from happening
- They allow scammers to thrive
Read more on this topic in our whitepaper
Not only do these various paper intensive processes increase coordination and administrative costs, they are also prone to errors, losses and fraud. *
Bric replaces banks with blockchain, simultaneously fixing all that is broken
Bric removes the high fees charged by the banks.
Bric democratizes the escrow process allowing small merchants and customers without an account in big bank to participate in the international trade.
Bric also helps exporters to avoid LC scams and acts as an unbiased mediator when disputes arise.
Before - Typical Process
- Parties craft a contract.
- Importer submits LC application to his bank.
- It takes 5-10 business day for a bank to actually issue the LC to exporter’s bank.
- LC advised to exporter.
- Goods are dispatched.
- Exporter is required to send more documents to his bank.
- Banks exchange some more documents.
- Documents released to importer.
- Importer sends money to his bank.
- Bank takes heavy fees of up to 10%(!).
- SWIFT (if used) takes up to 5% in fees.
- Exporter’s bank takes up to 10% in fees.
- The exporter gets paid.
After – Bankless Escrow
- Parties craft a contract.
- Importer locks the payment on Blockchain
- Goods are dispatched.
- Goods received.
- The exporter gets paid.
Long Term Vision – Naked Trade Platform
By connecting our escrow service to 3rd parties databases we aim to provide importers and exporters with unparalleled tracking and control capabilities. From the moment of departure to the moment of arrival.
By using a network of cameras and sensors we will create full real-time transparency over the state of goods in transit and their exact location.
Sneak preview of the platform
Exporter’s store front
Initial target market – 4 of the biggest and fastest-developing global superpowers
Total global trade has hit the record high of $28.5 trillion in 2021. This is an increase of 25% on 2020 and 13% higher compared to 2019, before the COVID-19 pandemic struck.
The main reason for this growth are countries from the developing world. Exports of developing countries were about 30% higher than during the same period in 2020, compared with 15% for wealthier nations.
Countries that are responsible for a major chunk of this growth are BRIC countries: Brazil (B), Russia (R), India (I) and China (!). Bric’s initial focus will be on the growing middle-tier of merchants from BRIC countries.
Read more about our focus on BRIC market in the whitepaper
As secure as only blockchain can be
There is only one technology that is truly safe and protected: the blockchain itself.
While in escrow, all our users’ funds will be locked in the safety of smart contracts on Binance BNB Chain (A community-driven, open-sourced and decentralized ecosystem based on Binance Chain and Binance Smart Chain (BSC)).
Bric will have no access to funds, besides being able to cancel transactions in case disputes arise and escalate.
* The open-source code data of the planform has successfully went through security audit, and the code is publicly available on GitHub Platform.
Unbiased Resolution Center
The only time importer or exporter actually want intermediaries is when they are in a dispute. This is exactly when banks prefer to abandon their role as an intermediary and leave the resolution to long and costly legal actions.
Bric does the opposite by providing top level dispute-resolution services for free. Our team of top level experts in BRIC area trade and jurisdiction, will analyze every dispute and solve it within 5 working days.
Roadmap
Jun. 2021
Oct. 2021
Dec. 2021
Jan. 2022
Feb. 2022
Mar. 2022
Apr. 2022
May 2022
Jul. 2022
Aug. 2022
Sep. 2022
Oct. 2022
Nov. 2022
Dec. 2022
Jan. 2023
Jan. 2024
Token and tokenomics
Bric Coin (BRIC) will act as a utility token to receive services on Bric platform. The initial format of Bric Coin is a TRC20 token, to be swapped to BEP20 token prior to the Indoex exchange listings it on April 2022.
The total supply of Bric Coin is 3,170,000,000 (same as the number of
citizens in BRIC countries).
Unsold tokens from private and public sale will be burnt.
Listings
Scheduled
(Soon)
In the works
(Soon)
Two top 5
exchanges
How people react to BRIC coin
Our customers and partners
