Interactive specialty commodities information and exchange system and method

Abstract

An interactive database and real time exchange system for specialty commodity products and other products that must have their identity preserved from trade to delivery. The database includes specialty commodity products available from member producers and other information related to such products, and is accessible to system users, preferably through an interactive network system. An automated exchange director provides for real time matching of specific products in the database with corresponding bids from system users, and executes trades of accepted matches for identified units of the specific products. A delivery module is provided in communication with the exchange director, and implements delivery logistics and tracking of the identified unit between the trade and completed delivery. The system can further include a forum interactive module which allows communication between and among system users, such as through chat rooms and specific product forum pages. In one embodiment applicable specifically to agricultural specialty commodity products, the system further includes a monitor for periodically providing information to the system about the condition of the specific product in a traded identified unit during delivery. The system and process provide a central exchange which includes interactive access to all information needed for production, marketing, researching, trading, use and delivery of specialty commodity products, optimizing quality, timing and exchange price for all concerned.

Description

CROSS-REFERENCES TO RELATED APPLICATIONS [0001] This continuation application claims the benefit of U.S. Non-Provisional application Ser. No. 09 / 565,704, filed May 4, 2000, the entire disclosure of which is hereby incorporated herein by reference.TECHNICAL FIELD [0002] This invention relates to a system for the exchange of information and trading of specialty products which must have their identity preserved so that the buyers know exactly what they will receive upon delivery, and more particularly to a convenient system which can be accessed on-line or via a communication network that enables buyers and potential buyers to obtain all of the information needed about a specialty product and to actually purchase that product and get it delivered as desired. In one exemplary embodiment, the features of the present invention comprise an on-line system and process which provides a catalog or database for researching specialty commodity products available for purchase from exchange member...

AI Technical Summary

Benefits of technology

"The present invention provides an effective exchange system and process for specialty commodity products that must have their identity preserved from trade execution to delivery. The system allows buyers to access information about products needed to determine availability, applicability, viability, and price, and then actually consummate a trade for those products in a convenient and reliable manner. The system includes a catalog of products available from member producers, an exchange coordinator for matching specific products with bids, and a delivery module for tracking the identified units of specific products from trade to delivery. The system also includes additional parts to improve convenience and applicability, such as an auction module for automatically coordinating matching of spot offerings, insurance options, payment methods, delivery options, and dispute resolution procedures. The database associated with the system can include additional modules for convenient linking to third-party web sites or other proprietary content, customer service and technical support, and an index of frequently asked questions. The system can also include an interactive module for applications such as chat rooms or secured direct communications between particular users of the system."

Problems solved by technology

The bulk storage and transportation system which has been implemented to handle storage and delivery of the world's commodities, however, requires relatively significant and costly infrastructure, including storage tanks and silos, rail equipment, highways and transportation equipment itself.

Many parts of the world simply do not have the assets or wherewithal to implement and maintain the needed infrastructure for efficient bulk transportation delivery systems.

While large bulk shipments may be lower in costs with respect to transportation in areas with adequate infrastructure, such a system imposes requirements and costs which cannot be met in many parts of the world, and carry with them high inventory holding and storage costs, especially for importers.

Many processors and other entities need specialty commodities to achieve improved features and qualities, for existing or new products for consumption by humans or animals, but have trouble gaining access to them under the present market system.

The ability to efficiently deliver specialty commodity products generally requires the use of a system other than the bulk transit system, as use of grain silos, elevators and drayage is not conducive (and generally contradictory) to identity preservation of the specialty products in transportation.

Moreover, while the demand for specialty commodities is growing rapidly, presently it is quite difficult for a buyer or user of these specialized products to gain access to the information needed to understand what products are or might be available for particular applications, or what a “reasonable” price for a particular product is at any given time.

In particular, there exists no central repository or exchange which provides consumers or would-be customers for specialty commodity products access to such information.

As a result, capabilities of producers and technology available to create new specialty commodities is not fully utilized, as the potential for such use is not easily accessible by the public and / or prospective customers for such products, and the market is inefficient and non-responsive.

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