Blockchain Firm TradeIX Teams With Logistics Giant DHLbr>
TradeIX is an open and agnostic blockchain platform focusing on trade finance. The company was formed by industry veterans with backgrounds in banking, trade finance, and blockchain technology. In June 2017, the company launched a blockchain platform called TIX, which uses a combination of TradeIX’s technology and Hyperledger’s blockchain. TIX claims to provide banks, alternative funders, business-to-business (B2B) networks, technology providers, and corporates with a way to finance trade-related assets around the world.
Announced at the Money20/20 conference in Amsterdam, the partnership is aimed at exploring how blockchain technology can help automate DHL’s work and reduce the likelihood of errors. The ultimate goal is to create a more efficient network, including a way to “serialize products to be able to track that product through its life cycle.”
Becky Taylor, Vice president of Commercial at DHL Supply Chain UK and Ireland, said that the company has been searching for methods to improve its trade finance network with the use of more efficient and adaptive technologies. She added that DHL on its own “can’t achieve those types of funding rates to create an attractive price [for customers], so we started to work with TradeIX.”
Daniel Cotti, CFO of TradeIX, said that the current lack of standards and interoperability in the trade finance market create disconnected trade systems that depend largely on manual, expensive, error prone and redundant processes.
“Blockchain technology can power leaner, more automated and error free processes and increased visibility,” said Cotti. “TradeIX’s TIX platform will allow DHL to embed multiple funding and risk mitigation options into their product offering.”
In March of this year, DHL partnered with professional services giant Accenture to develop a serialization prototype using blockchain technology to track pharmaceuticals across the supply chain. The prototype tracks medicines from the point of origin to the consumer, monitoring potential tampering and errors.