Latin America has a cross-border trade of $820 billion, and a combined GDP of $9 trillion and is not growing as much as it should mainly because of some unavoidable reasons such as market inefficiencies, excessive government interference, devaluations, inordinate bank charges, and widespread corruption. With UTEMIS, the entire Latin American continent is becoming a unified and single economic space. Talk about innovation!, this is the first ever and only B2B ( Business to Business) e-commerce that decentralizes business reputation in the blockchain and unifies Latin America into a single economic space.
It conducts business in the entire Latin American continent just as it is done in a country; it also finds new clients and suppliers. These clients and suppliers are evaluated by their reputation. The best part of this is that with UTEMIS, you get 100% your money back.
To achieve this the Ethereum blockchain technology which is based on the ERC-20 standard is what is employed, it records the reputation of several companies, and this eliminates fraud, saves cost, saves time, and avoids bureaucracy when trading goods in Latin America. Payment is made only when you are satisfied with the goods. Your money is always protected by the Utemis escrow account, and you can get 100% of your money back if you are not satisfied.
The UTEMIS token is built on the Ethereum network which is a programmable blockchain, which implies that it allows users to create their operations and is the default currency for conducting Business to Business transactions in Latin America.
INITIAL COIN OFFERING OF UTEMIS
The UTEMIS token would be launched a second time on the 15th of February 2018 by 18:00 PM central European time in the ICO market and would end around April 2018. The first launch began on January 25th, 2016, and was predicted to have a hard cap of 58,000 ETH, and a soft cap of 10,000 ETH. The UTEMIS ICO is still under development. They have plans to reach a customer number of ten thousand people by July 2018, and by 2020, start operation with companies in the USA that conduct business with Latin America companies.
The initial preliminary token price for the ICO is: 1ETH = 1,500,000 UTS, and 1 UTS is equivalent to 0.0006 USD. The minimum purchase that can be made us 0.05 ETH and the contributions are to be made solely with Ethereum. The UTEMIS escrow account is modeled on the Chinese escrow account.
BENEFITS OF UTEMIS
With UTEMIS, Latin America can become the most economically vibrant, resilient, efficient, and fair economic zone in the world. Utemis puts the people’s priorities first.
The reputation, whether good or bad, of every company, is recorded for everyone on the blockchain to see. By decentralizing these business reputations, Latin American companies can conduct international businesses with each other, based on trust, especially since these reputations are public, available and verified.
The UTEMIS team comprises of five founding members;
1) Dr. Yuan Pablo Vasquez Sampere: CEO UTEMIS, Mr. Harvard University, MBA IE business school, and PhD complutence University.
2) Daniel Oritz Uribe
3) Higinio Guillamon Duch
4) Nicholas De Narvaez
5) Jamie Paschal.
There is a huge potential that the UTEMIS token would grow in value. This UTEMIS token can be traded on various exchanges. UTEMIS also has a reward program which rewards participants in various ways.