Categories: B2B Payments

E-FRESCO Launches Blockchain Platform For Fruit Supply Chain

E-FRESCO, a fresh fruit virtual market, is introducing blockchain capabilities to help shipments and B2B payments for cross-border needs, according to a report.

Clients in the U.S., Canada, the Middle East, Europe and South America trying to buy and sell fresh fruit and vegetables online through the marketplace can now use blockchain-based logistics, trade and payments services to complete their orders across borders.

The need for that, according to founder Ammar Alshami, is rooted in the need for transparent transactions, reducing time and work put in, and less costs.

Alshami added that a number of different variables in the process also makes a blockchain system desirable — cross-border payments often deal with everyone involved in the process, including shippers, inspection companies, importers, exporters, companies and banking systems, according to the report. Digitization could vastly streamline the process.

Alshami said in the report that the complexity of the shipping process over borders all but necessitated a blockchain-based system. Much of the world’s business runs digitally now, and especially during the coronavirus crisis, this kind of technology can make things easier and less risky.

E-FRESCO is different from a typical market where buyers just connect with sellers. The company also offers tools so farmers and agribusiness leaders can expand their cross-border operations, according to the release.

By introducing the blockchain platform, Alshami said in the report that the portal would let sellers find sourcing needs, identify clients, and secure shipment and payments all in one place.

E-FRESCO is attempting to better promote items on its service, pouring over $10,000 per month into advertising individual postings, and putting ads on social media that are automatically posted there whenever an item is posted on E-FRESCO.

While the coronavirus pandemic has thrown everything into disarray, experts say this could be a moment for businesses make needed changes in their processes. That could include sharper cross-border platforms.

Get our hottest stories delivered to your inbox.

Sign up for the Newsletter to get updates on top stories and viral hits.


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

Recent Posts

Trump’s WeChat Ban Could Rock The US Consumer Landscape

President Donald Trump has issued two executive orders in two days banning two Chinese behemoths from operating in America –…

44 mins ago

US DOJ Charges 14 With $28M In PPP Fraud

The U.S. Department of Justice (DOJ) charged 14 people in two separate investigations into their alleged participation in schemes to defraud the…

4 hours ago

Digital IDs For Online Bowling, Voice Commerce, Apple’s Mobeewave Deal Top This Week’s News

Top News Apple Buys Mobeewave for $100M Apple has purchased Canadian company Mobeewave, which will allow it to create mobile…

4 hours ago

TikTok ‘Shocked’ By Trump’s Executive Order

In its first public statements about President Donald Trump’s executive order to ban TikTok, the Chinese company said it is…

5 hours ago

Microsoft, Facebook Express Frustration With Apple’s Gaming App Policies

Microsoft and Facebook are grumbling publicly about fellow tech giant Apple's policies restricting access to coveted slots in its App…

6 hours ago

Mercari’s Revenues Pop 48 Pct For FY2020, But Losses Also Grow

Mercari, the Japanese shopping platform that allows users to buy and sell almost anything, reported its net sales surged nearly…

6 hours ago