The British multinational banking and financial services company StanChart intends to expand blockchain-based supply chain solution at the national and international levels. The Singapore-based StanChart has made its cross-border trade finance deal using Blockchain technology for the very first time. It basically used distributed ledger technologies in order to complete an agri-business supply chain deal which took minimum time as compared to other trades which normally take five to seven days.
Blockchain technology enables participants to connect with any of the participants in the network of the supply chain, trade documents digitally, streamline the documentation process and finally provides them with security and transparency while trading documents. The transparency in the trading process will build trust which will ultimately promote cost-effective products and services.
The founder and CEO of StanChart Samir Neji said, “As supply chains intertwine and evolve, demands for new features will intensify. Not only do transactions need to be seamless and safe, but clients are also increasingly looking for innovative solutions that save them time and costs.”
The blockchain-based supply chain solution provider in Singapore was registered in 2018 with a total share capital of $500,000, according to a report by Business Times.
BSI Group Intends To Develop Blockchain-based Supply Chain Solution With OriginTrai
The British Standards Institution Group (BSI) will work with OriginTrail in order to develop a blockchain-based supply chain solution. The solution will not only improve global assessment and certification but also supply chain services with the main objective to confirm the origin of goods and maintain the integrity of digital services.
This partnership aims to act in accordance with regulation and standards, collect value from global supply chains data and meet the needs and requirements of customers while concerning products features and dealing with claims related to safety, quality, and other attributes. They also aim to reduce the cost of non-conformities along with the management of business risk, product quality and product recalls with proper action in a real-time, BSI Group reported.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]