BlockEx, OpenText Partner on Blockchain-Based Supply Chain Finance Solutionbr>
BlockEx is a FinTech company with a Digital Asset Exchange Platform (DAxP) which allows users to trade digital assets, and uses blockchain technology for settlement. The DAxP includes a digital asset creation tool, exchange, clearing, settlement, registry and brokerage software. Currently, BlockEx is building out product extensions to include licensable (securities, trade order, originationand deal flow) management tools as well as regulatory reporting for any asset originated on the platform.
OpenText is a publically-traded Canadian software company with more than 8200 employees in over 140 offices around the world. OpenText’s software solutions help large enterprises manage and secure their unstructured digital data, the kind that doesn’t easily fit into the rows and columns of a database, and use it to benefit their business and gain competitive advantage. OpenText offers 5 solution suites to target key sources of unstructured digital data found within the enterprise. OpenText’s solutions are deployed both on premises and in the cloud.
Under the partnership, both companies will work together to provide tools that would increased visibility of supply chain information. Using blockchain technology, the companies’ goal is to track raw materials from their source to destination.
The companies said the tools will 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. The tools will also identify timing of asset pledging, extend offering to pre-delivery financing and prevent fraudulent invoices.
BlockEx stated it will continue working with OpenText to explore other supply chain-focused solutions that complement the EDI-based transaction flows being exchanged across OpenText’s global network.
BlockEx CEO Adam Leonard said that the 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.
“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.”