THE NEED FOR VALUATION TECHNOLOGY
It is a most advantageous time to introduce Item Banc because the world needs a technology that can deliver valuation information. World markets are seized up by a downturn in available credit and valuation methods are not stable. Markets need a new method to deliver fair market value to all countries.
Item Banc can deliver a valuation engine to the market. For producers and farmers and manufacturers, Item Banc can capitalize production. For distributors, Item Banc can deliver commoditization of products to enable valuation information. For financial markets Item Banc can capitalize producers and businesses.
For communities, Item Banc can bring fair market value. For nations, Item Banc can value currencies. Item Banc will deliver a new paradigm of information currency for the people.
ITEM BANC SOLUTION
Item Banc is a technology engine designed to create global parity valuation information. Data for the engine is derived from a basket of basic human need goods that are captured and tokenized by smart contracts with producers and organized by Nation.
Item Banc technology creates Information Currency. The presentation below explains how we plan to make this work.
The entry point and growth plan for Item Banc in a community proves a realistic acceptance that to create robust trade the technology must first address the basic needs of the people and their incentive to produce. Item Banc can deliver confidence, security and freedom in a currency-challenged community with a new currency that can grow smart, productive economies.
STARTING IN RWANDA
Africa is made up of 54 countries which trade in 56 different currencies. African countries are endemic with inflation and a disconnect between economic performance and currency value. The disconnect is deepened due to the inability to trade directly across borders. There is no common trade currency but the US dollar and this creates major friction in the way of fees and time delays.
The aim for Item Banc is to in some small way allow the traction of goods forming basic needs between countries to secure valuation and allow the most disadvantaged to transact efficiently across boarders.
Rwanda sits in the middle of central Africa, is stable and has advanced banking and financial structures. Rwanda boasts strong legislation and governance and low incidence of corruption.
From an African perspective this makes Rwanda an attractive test bed for Item Banc to initiate its roll out. In addition, the Smart Africa head office in Rwanda has the ability to deal across multiple regimes. The completion of a rail link to the coast will make Rwanda a logical land based port for goods to be stored and distributed.
Internationally Rwanda is seen as the leader in innovation in Africa and as such has and continues to receive strong support and attention from the international community on initiatives that it is launching. Item Banc represents a bold step in the process of creating a trackable, stable, corruption free trading platform to facilitate the transfer of basic goods and value between neighbors and countries on the continent and Rwanda has the positioning to execute. Once Rwanda has proven the technology it can begin in other Nations and continents.
BHN Warehouse Pilot Team & Coin Development Team.
THE ITEM BANC TOKEN IS BACKED BY PRODUCTS NEEDED IN DAILY LIFE.
The core set of commodity products that back the currency are described as BHN or Basic Human Need products. These products are in five categories: Food, Building Materials, Basic Clothing, Paper Products, and Hygiene.
Producers are given the Item Banc Token in a smart contract exchange for their BHN products. The products can be stored by the producer or moved to a common warehouse. Producers include, for example; Farmers, Manufacturers, Distributors, and Importers.
Consumers who have fiat cash money can exchange for Item Banc Tokens from the producers which would allow for purchase of BHN items at discounted rates. Consumers can also work for the producers to earn Tokens. Consumers can also trade or sell other goods or services for Item Banc Tokens.
ITEM BANC TESTING PHASE TIMELINE
Alpha Testing Technology 1998-2002
Twenty years ago the Item Banc Engine was designed and documented. An application for patent was made to the US Patent Office on May, 1999 (60/132,779) and May 5, 2000 (09/566,265). The Item Banc Engine for Conducting Barter Transactions over a Computer Network by Virginia Robertson
A small team of programmers set out to test and code the design. Forty five independent building supply distributors in twenty states across the US agreed to contribute their live data for the test. The programmers combined live inventory data into a single system in South Carolina. The data consisted of non-productive stocks (items that had not sold for a year) and was tested on the artificially intelligent naming and categorization technology of Item Banc. The goal of the test was to refine the program design so that the Item Banc Engine could automatically commoditize Items given drastically different naming conventions across platforms and states. The system was able to identify and value the items.
Alpha Testing Commodity Trade 2002-2013
The next test needed to prove that non-productive commodity inventories represent currency failure (as they have no value). If the currency was misreporting value then these inventories should find their true value in a different economy. It was also necessary to prove the practicality of moving non-productive commodity inventories into markets where they could be revalued.
With the guidance of experts in the International Reciprocal Trade Association, Ruffin Trading Company, LLC tested moving non-productive building materials at every level of distribution including export. This testing lasted well over ten years but showed how commodity inventories that were non-productive (had zero value) in one economy could rediscover their commodity value in new markets, proving theory. The book, “Information Currency: The New Green” 2009 by Virginia Robertson documents the testing, the concepts and the algorithms.
INFORMATION CURRENCY CREATED BY ITEM BANC ENGINE
Information Currency is a value system based on the relative value of BHN products available for consumption around the world. The Item Banc Engine takes as input what BHN products are available where at what value. The product values are (basically) averaged by item by category by BHN “basket” (all of the BHN products) by nation. The calculations are based on the standard economic theory of purchasing power parity.
The current dollar value system represents the relative supply and demand of currencies by nation.
The Information Currency value system represents the relative value of BHN products by national currency or literally by Nation.
Blockchain and smart contract technology have created the opportunity to allow the Item Bancs to capture and capitalize live BHN product valuation information and the Item Banc Engine uses this to publish fair market value with Information Currency.
It is with fair market value that economies can thrive, companies can be secured by their production and people can trust a fair reward for their work. Fair market value finds parity when currency is Information and Information is currency.