Eximchain unveils supply chain platform on blockchain
Eximchain has launched its supply chain platform on blockchain with the support of China-based sourcing platform YOOSourcing and tech firm Enigma.
Founded in the Massachusetts Institute of Technology (MIT) in 2015, Eximchain says its technology streamlines processes in areas such as sourcing, supply chain finance, and inventory management. Earlier this year, it raised $20 million in funding.
“Lack of transparency” is mentioned again
Hope Liu, founder and CEO of Eximchain, says: “The lack of transparency, connectivity and agility is a huge problem in the global supply chain industry. With global trade increasing at a tremendous rate, and boosted by e-commerce in Asia Pacific, supply chain players around the world are looking at technology to help them reduce costs and be more efficient in their processes.”
The launch of its mainnet marks a “significant” business milestone and the firm will build use-case specific applications on it.
The network incorporates a quadratic voting consensus mechanism; this “ensures no single group can take over the blockchain easily – which is essential in a network where the many parties in a global supply chain depend on the trust, decentralisation and openness of the blockchain”.
The mainnet launches with 233 machines across 14 regions globally, with the following three projects in development:
The first is an unnamed Fortune 500 technology company, which plans to conduct a proof of concept using the public blockchain infrastructure.
Secondly, YOOSourcing has over 35,000 business users, and will use blockchain to provide trust and accountability to data such as authenticity, reliability and ratings, and agreements between buyers and supplier on the platform. Development has been completed and is currently being tested by YOOSourcing.
Third, Enigma offers smart contract technology, which aims to help companies with their on-chain behaviour as proof of business-history to underwriters for supply chain financing.
Eximchain says it will launch an SDK next year, which will enable companies to build customised, end-to-end, supply chain applications utilising the mainnet.
