22 January 2020
The entire documentation related to shipments, factoring, and receivables can be analyzed without any threat posed related to data tampering and the threat of compromising passwords. A great deal of trust can be built as the information on the network can be distributed without being copied. Moreover, blockchain offers simplicity in tracking information regarding contracts for multiple businesses with various stakeholders. As the decentralized model is employed in the blockchain, it improves the efficiency of the entire trade cycle. In addition, monitoring time is reduced, bills are generated automatically, and settlements can be carried out with the intervention of any agent.
Firms have been taking advantage of blockchain for launching their trade finance solutions. CryptoBLK, a Hong Kong-based blockchain firm launched a trial of its trade finance solution known as ATLAS Alpha Network by partnering with Microsoft. With the launch of this platform, nearly 25 organisations have signed up for the four-week trial for hands-on experience. These organizations include banks, enterprises, and financiers. The company aims to digitize the end-to-end process of factoring, invoice financing, purchase order financing, and others. In the trial, participants are expected to gain training, highlight business cases, and test the platform with real-world problems. Financiers and banks are the primary target audience and they are expected to bring SME clients with them.
Read more at The Fintech Times, here.
