Bitcoin was not created to convince fiat currencies to protect
consumers instead of institutions. Bitcoin was created to
start something new. Something fundamentally better
UTEMIS is applying the same business model that successful Chinese e-commerce companies use to end economic and financial unfairness in Latin America.
Think about Latin American economies, you will see “corralitos” (freezing of people’s bank accounts, with only small periodic withdrawals in devaluated local currency allowed), currency devaluations, restrictions on the movement of capital, arbitrary financial controls, etc. These actions that governments undertake have real and direct consequences on the people they pretend to serve.
Consider Venezuela, where people are nowadays buying Bitcoin because they don’t trust their national fiat currency. While this might be an extreme case, the need that citizens have to protect themselves is felt across Latin America. This is preventing generations of people from realizing their dreams, improving their standard of living and, even, getting out of poverty.
International initiatives to change this situation have crystallized in a variety of centralized trade agreements between countries. But, in a very Latin American fashion, these agreements end up benefitting mostly larger corporations, usually owned by the wealthiest and most powerful and politically influential persons. Leaving millions of medium and small size firms cut off from these large and lucrative markets. Dr. Juan Pablo Vazquez Sampere, UTEMIS cofounder and expert in Disruptive Innovation has published an article in the Harvard Business Review about Alibaba and how this situation is similar to that in China before the emergence of big e-commerce companies. It shows how e-commerce was instrumental for helping small and mid-size firms grow. Today, United Nations data suggest that poverty in China is virtually eradicated.
Big e-commerce companies in China emerged as secure platforms where businesses that did not know each other were protected against fraud and theft. Using an escrow account, and a huge sales force in combination with thousands of sales events all over China, these companies enabled a new generation of business owners to capitalize on opportunities that they could only dream of before.
In Latin America this has not happened yet. With cross border trade of $820 Billion, and a total combined GDP of $9 Trillion, Latin America is not growing as much as China mainly because of extensive government interference, widespread corruption and market inefficiencies.
UTEMIS is a new business model where we put the people’s priorities first. A place where if you don’t deliver, or poor quality or fraudulent products are provided it will be recorded for everyone to see on the blockchain. But it is also a place where if you are honest and do honorable business it will also be publicly available on the blockchain – adding significant business growth.
We decentralize businesses reputation. Decentralizing businesses reputation enables Latin American companies that have never met each other to conduct international business based on trust. Their reputation is public, available and verified.
Just as Bitcoin was not created to remind governments having fiat currencies that they should protect consumers instead of themselves, but to create something new and fundamentally better; a new decentralized architecture that protects consumers. UTEMIS aims to be a successful business that thrives by doing good and that goes beyond generating change. UTEMIS wants to be the change itself. It’s been way too long for Latin America. By decentralizing businesses’ reputations for everyone to see and exposing them to new business opportunities, millions of people can finally have the opportunity they deserve.