Trusting a supplier means believing it is an authentic source, delivers quality products, meets delivery deadlines and offers reasonable pricing. Therefore, ordering any kind of supplies for businesses can be a stressful endeavor for business owners, especially since ordering big amounts means spending thousands of dollars.
Eximchain, a software development company focused on supply chain applications, is now able to relieve most of these worries for business owners, because it enables businesses to connect, transact, and share information more efficiently, transparently and securely than any other supply chain infrastructure before. The platform offers blockchain smart contracts, which allow banks to verify the validity of orders placed with all upstream partners and suppliers. It also records historical data and transactions allowing suppliers to prove their reliability to buyers and public rating platforms. Additionally, Eximchain aims to enable partners to seamlessly share demand and inventory information across a common ledger.
Founded at MIT Media Lab in 2015, Eximchain’s applications are designed to be used by small and medium-sized enterprises, manufacturers and retailers. They provide increased transparency and use its technology to digitize and decentralize business processes that have traditionally relied on intermediaries such as brokers and banks. Through the technology business owners can now reduce transaction costs and securely share information and values with suppliers in real time.
Working on the Quorum, the blockchain for the financial sector released by JP Morgan, Eximchain has already secured $20 million in funding from strategic investors. It has also partnered up with the social rating platform YOOsourcing, which helps buyers to verify the trustworthiness and reliability of suitable suppliers. On the rating application buyers can evaluate suppliers according to previous experiences and suppliers can update buyers and their followers about interior production processes.
In addition to the new partnership, Eximchain also has released a new private testnet, an alternative blockchain used to experiment with its artificial coin. The testnet includes 600 nodes across 14 regions globally and has already gone through 8 rounds of trial.
The private testnet will be open to the public once Eximchain completes the scalable infrastructure testing. Users will be able to join the Eximchain blockchain, using Eximchain’s Infrastructure as code modules, allowing them to to begin developing decentralized supply chain applications leveraging private smart contracts, as well as to manage the underlying infrastructure.
Private smart contracts within the blockchain enable users to facilitate, verify, or enforce any agreement or accord between two or more parties. The decentralization of the blockchain represents a collaborative economy, where one entity alone cannot control the platform or manipulate any transaction and there is no “middle man” overseeing the process.
This makes the blockchain an attractive place for enterprises and the execution of business transactions.
All in all, Eximchain offers a new way of connecting the relevant trading parties, bringing the supply chain process to the blockchain, but if it will replace the current system has yet to be proven once Eximchain has officially launched its platform publicly.