Payment Settlement System

Because the international shipping industry crosses several borders, funds are required to flow between several banks in several countries. As a result, many payment settlement issues plague the industry; for example, untimely settlement, high settlement costs and multilateral currency exchange fees. A blockchain-based payment system presents an effective and fitting solution to these problems.

The MBC platform uses a dual token system; the MTT and the MCoin. The first is the MTT. It circulates within the MBC platform ecosystem and is anchored to a basket of currencies. It serves as a settlement token to address the need for cross-border funds. Relationships with banks will be leveraged to open legal currency channels and minimize the exchange rate risk present in multilateral currency exchanges. This will also save on the high costs of interbank settlement.

The second token is the MCoin. This token encourages platform participation by offering rewards to platform users. It can be exchanged with the MTT using a real-time exchange rate. The MCoin will be sent to select registered users of the MBC platform during the initial promotion phase. Additionally, the MBC platform will distribute MCoin to platform users who have reached certain set volumes of transaction.

Financial Service System

The data transparency enabled by blockchain technology, combined with Matrix’s technical proficiency, allows the MBC platform to implement an AI-backed credit assessment framework and use a dual credit risk scoring mechanism. Additionally, the MBC Project will work with Matrix to create an AI-backed financial service system that includes investment and financing services, shipping insurance and related legal compliance consultation.

Transaction Matching System

The MBC platform enables consensus across the vast network of ships populating the international shipping industry through the Transaction Matching System; all while supporting multiple flexible customized services. Based on Matrix’s AI technology and the MBC Project’s massive database of shipping industry customer data, goods and carriers can be matched while still allowing for third-party generated and managed intelligent contracts. Using AI to collect, match and analyze data enables the generated information relating to cargo dynamics, ship and dock information to be shared widely. This encourages the identification of real customer needs. Additionally, the MBC platform will provide a number of additional services such as route optimization, contract verification, smart ports, etc. These additional services will be opened one-by-one following the construction of the platform.

Matrix is working with LITEX @litex_io to develop its layer-2 technology, a tech solution that improves throughput speeds of public chains far beyond native capabilities.

Matrix, using a stochastic clustering algorithm and a hybrid PoS-PoW consensus mechanism called HPoW, has spent the last several months demonstrating that it is possible to achieve high system throughput speed without sacrificing decentralization.

LITEX, for its part, has achieved several technical milestones. By upgrading the original Lightning Network stack, LITEX has enabled partial withdrawals, channel expansion and cross-chain (BTC and ERC20, to start) atomic swaps since releasing V.02 of its testnet in October 2018. Realizing how important system throughput speed is to mainstream adoption, LITEX has spent the last couple months testing their Layer-2 solutions on public chains. By first processing transactions off-chain before reintegrating the data on to the main chain, LITEX is able to help public chains achieve off-chain system throughput speeds far beyond their native capabilities. LITEX’s layer-2 technology, when combined with a technologically superior public chain like the Matrix AI Network, will enable the Matrix AI Network to reach even greater system throughput speeds.

With the Mainnet launched, Matrix’s focus turns to the development of applications that promote mainstream and enterprise adoption. To this end, Matrix already has several applications in the works across multiple industries.

In the medical field, Matrix is actively working with several prominent hospitals including the Beijing Cancer Hospital and the 302 Hospital, to develop AI-assisted cancer early-diagnostic systems. In the supply chain industry, Matrix is working on the MBC Project, the world’s first and only international shipping intelligent trading platform aimed at the dry bulk market.

To this end, LITEX is also making great strides. Last December, at the Alchemy Worldwide Developer Conference, LITEX publicly demoed the world’s first commercial-grade layer-2 application — a coin-throwing DApp built on Rinkeby.

Those in attendance were able to get hands-on time with this application. Starting with a single Rinkeby-ETH, people furiously competed for 100 seconds to outperform one another and accumulate as much Rinkeby-ETH as possible. The winner of the competition earned over 17 Rinkeby-ETH. A demo of this application will be released shortly.

Alongside blockchain DApps, layer-2 technology has a prominent role in the mainstream adoption blockchain solutions by greatly improving the performance of public chains. LITEX, as part of the collaboration with the Matrix AI Network, will continue to refine and improve layer-2 technology using Matrix’s AI expertise. Matrix, as part of the collaboration with LITEX, will continue to improve interoperability with other public chains and push the limits of system throughput speed.

These kinds of relationships are incredibly important to the development of the blockchain industry. In order to promote the commercial usefulness of blockchain solutions, the Matrix AI Network will continue to cooperate with other like-minded projects while remaining steadfast in improving network speed, security and usability.