Concept description: Next Generation implementation of an e-Auction infrastructure in Greece for Fruit &Veg. and Olive Oil and sync with a Commodity Exchange market for Futures contracts based on crypto currency.
The design of GFC’s concept is the setting up of a central auction system in Athens, call it the “dealing room”, in which various Fruit & Vegetable lots are sold to the highest bidder using a clock auction system. You have 1 central server system which communicates with all the regionally depots involved in selling the products. In each depot, supplied products are registered with their product characteristics and the right storage location with the dates of receipt indicated. These data are centrally stored. Our selling parties enter the supply they want to sell on the clock system via GFC web portal after logging in successfully. In this way, we will get a certain stock, which can be sold afterwards to the “registered buyers” through the various e-auction sales tools. Afterwards, the information from all these transactions is available on the website of GFC organization for buyers, farmers etc. After being logged in, the client can view his specific data (transactions, catalogues, statistics, and general information). After the sale, the various depots get the necessary tasks and insights about who is going to load what. The back office software makes the necessary finalization of the transactions, follow-up of invoices, payments, statistical reports etc.
The importance of setting up a “National Agricultural e-Market” is particularly important for both the actual market and the general Greek economy and for improving competitiveness. Such an attempt will rationalize the value chain of agricultural products, enhance transparency in trade, bringing the producer closer to the final buyer, offering him individuality (equal power), liquidity (product flow), product homogeneity (quality standards & quantity) and will consolidate and improve product prices across the supply chain.
Establishing the GFC-NAP online auction and networking it in real time with its production and consumption sites will organize, coordinate and increase sales (focusing on exports), improving product quality standards and packing process. GFC e-auction platform will be a huge step to empower farmers. Traders will bid online from anywhere in the world and farmers & farmer’s association will have secure product flow and a fair price for their products. This will lead to “scientific” price discovery by the farmers themselves, breaking the hold of middlemen.
The new online National Agricultural Platform (NAP) of GFC will allow the GPs (Group of Producers) to create economies of scale, increasing them their turnover & profit without the risk of capital. The new online sales platform will allow growers to focus exclusively on their production and invest in new opportunities in the fields of cultivation, sustainability and quality, having secured the flow of their products. Its members will be able to benefit from economies of scale, and make better use of marketing.
• Competition of similar e-auctions in Greece: 0
• Commodity Exchange market based on Futures contracts in Greece: 0
• Worldwide Commodity Exchange market for Futures contracts based on crypto currency and with underlying commodities F&V and the Olive Oil: 0