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

[0010] It is another object of the present invention to provide a system for specialty commodity products and other products which must have their identity preserved from trade through delivery, where a buyer can obtain all of the information about a product needed to determine, for example, the availability, applicability, viability, and price for products which can meet particular needs, and then actually consummate a trade for such products in a convenient and reliable manner.

[0011] It is yet another object of the present invention to provide an interactive real time exchange system for specialty products and other products which must have their identity preserved, as well as a process for providing a database for collecting information from all aspects of the product industry so that users can access, exchange and research such information, share product availability, features and needs, and an efficient market for such products can be reasonably implemented on a network basis for executing and implementing trade and delivery of those products.

[0012] It is another object of the present invention to provide an interactive real time exchange system and process for centralizing all relevant information relating to specialty commodity products to assist in the leveraging of technology to enable access and efficient exchange and delivery of specialty commodity products and other products requiring identity preservation between trade and delivery on a global basis.

[0013] It is also an object of the present invention to apply developing communication and product technology to enable the ready accessibility and exchange of information relating to specialty commodity products and other identity preserved products which can be shipped in containerized packages, whereby users can access an exchange information, and an efficient system of matching supply and demand for executing trades and tracking the containerized product from trade to delivery.

[0015] In other embodiments of the present invention, there can be provided additional parts of the system to improve the convenience and applicability of the system for handling additional aspects of a product trade or delivery. For example, the system can include an auction module having executable instructions for automatically coordinating the matching of spot offerings of specialty commodity products by member producers with bids received from one or more system users. Similarly, the exchange coordinator can have associated elements which provide options for system users to choose and implement various insurance options, payment methods, delivery options, and / or dispute resolution procedures. Also, it is contemplated that the database associated with the system can include additional modules that provide for convenient linking to third-party web sites or other proprietary content, product sample delivery arrangements, customer service and technical support, and an index of frequently asked questions. In a preferred embodiment, the system might also include an interactive module for allowing applications such as chat rooms among system users, or even 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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