Disruptive Blockchain Startup Partners with World's Largest Business Network
LONDON, Nov. 14, 2017 /CNW/ - As part of BlockEx's mission to trim the fat from the financial services industry using blockchain, it is partnering with OpenText. Together, they will use blockchain to make supply chain finance more efficient. OpenText operates some of the world's largest supply chains through its Business Network. More than 600,000 companies are connected to the network, which exchanges more than 24 billion business transactions a year. BlockEx has long seen the potential to innovate and automate supply chain finance using blockchain.
"BlockEx is pleased to partner with OpenText Business Network," said BlockEx's CEO, Adam Leonard. "Teaming-up with OpenText to develop a blockchain-based trade finance marketplace is truly exciting. Our partnership allows some of the world's largest supply chains connected to OpenText's Business Network to simply opt-in to blockchain-based trade finance."
The BlockEx Digital Asset Exchange Platform (DAxP) manages the entire lifecycle of digital assets: origination, issuance, exchange, settlement and post-trade. It has tools for creating and servicing digital assets, and automated reporting. BlockEx works with trading firms, institutions and governments, providing white label and bespoke blockchain solutions and proof of concepts. Integrating the DAxP with OpenText's Business Network will allow any company connected to their network to leverage the benefits of blockchain.
"This partnership will offer any company connected to OpenText's Business Network a unique and secure way to manage the supply chain finance process for their supply chain operations," said Marco De Vries, Senior Director Product Marketing, OpenText Business Network. "Blockchain is an exciting technology and we are pleased to work with BlockEx on this initiative."
OpenText and BlockEx will work together to provide increased visibility of supply chain information. As an immutable and public ledger, this is an ideal use case for blockchain. It can track raw materials from their source to destination, and help financial lenders to monitor risk, payments and transportation of goods.
OpenText and BlockEx are working together to develop tools to help financial lenders:
- Monitor supply chain events such as disruptions or late delivery of shipments, and evaluate vendor risk more effectively, informing future discount rates.
- Identify timing of asset pledging.
- Extend offering to pre-delivery financing.
- Prevent fraudulent invoices.
In the longer-term, BlockEx will be working with OpenText Business Network to explore other supply chain-focused solutions. Blockchain is going to revolutionise supply chain finance, and BlockEx will help OpenText be ahead of the crowd.