Phore Blockchain, a leading cryptocurrency and blockchain platform, and StoneCash, a global purchasing group for the stone industry, announced today a partnership to integrate PHR, Phore’s native cryptocurrency, into the StoneCash online marketplace for use in both local and cross-border transactions. The StoneCash Marketplace is a B2B platform where qualified suppliers list inventory and members purchase materials such as marble, granite and quartzite.
Since the advent of Bitcoin nine years ago, the system behind cryptocurrencies has been focused mainly on the speculative market, with very few connections made in real-world transactions. Today, the partnership between StoneCash and Phore Blockchain changes the status quo.
The cloud-based, StoneCash website has achieved enormous success, becoming the largest natural stone online marketplace in the world. In addition to offering a wide selection of stone materials, StoneCash also enables logistics coordination to mix partial orders from different vendors. This allows members to choose the exact materials they need from a large online inventory from both local distributors and factories located all over the world.
The integration of PHR for use in the StoneCash online marketplace will allow customers instant, low cost transactions, drastically reducing the high costs and lengthy transaction times associated with traditional order processing. In addition, when smart contract capability is rolled out later this year, the Phore solution will enable both parties to fulfill their agreements cryptographically on the Phore blockchain, further reducing time and costs associated with a sale. Smart contracts cannot be altered once deployed, guaranteeing both parties fulfill their agreements. This capability is attractive in business dealings that transact with large sums of money, as in the stone industry.
“Most transactions made on the StoneCash marketplace are cross-border, making this partnership with Phore critical to enhancing the ecommerce experience for our customers,” said Luca Acerbi, StoneCash Group’s Business Development Director. “With the Phore Blockchain solution, the period of time required to transfer capital globally decreases from several days, to seconds. StoneCash members will now be able to conduct business with decentralized money, and thus skip intermediaries, such as banks, which make the payment process comparatively slow and costly.”
“This partnership with StoneCash, an established and reputable business, underlines Phore Blockchain’s commitment to providing solutions to real-world problems. StoneCash is an innovative and forward-thinking organization with exciting ideas,” said Phore Co-CEO Anthony Alleyne. “We look forward to an effective and powerful collaboration with StoneCash, as well as bringing practical use of PHR to a successful online business.”