On Tuesday, digital asset exchange platform BlockEx announced it has teamed up with business network OpenText to develop a new blockchain-based supply chain finance solution. BlockEx revealed the partnership is part of its mission to use blockchain in order to make supply chain finance more efficient. It was revealed:
BlockEx explained that its Digital Asset Exchange Platform (DAxP) now manages an entire lifecycle of digital assets, origination, issuance, exchange, settlement, and post-trade. It also has tools for creating and servicing digital assets and automated reporting. BlockEx works with trading firms, institutions, and governments to provide white label and bespoke blockchain solutions and proof of concepts. The company noted that integrating the DAxP with OpenText’s Business Network will allow any company connected to their network to leverage the benefits of blockchain. According to BlockEx CEO, Adam Leonard:
“BlockEx is pleased to partner with OpenText Business Network. 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.”
Marco De Vries, Senior Director Product Marketing, OpenText Business Network, also commented:
“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. Blockchain is an exciting technology and we are pleased to work with BlockEx on this initiative.”
OpenText and BlockEx will notably work together to provide increased visibility of supply chain information. The duo added:
“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.”
