Blockchain Platform Corda Adds Dianrong Supply Chain Finance Solutionbr>
Chinese online P2P lending service provider Dianrong has announced that its blockchain supply chain finance solution will be made available on Corda, R3’s blockchain platform for finance and business.
Founded in 2012 and headquartered in Shanghai, Dianrong offers small businesses and individuals a comprehensive, one-stop financial platform. The company’s specific offerings include marketplace lending-related services and FinTech solutions.
Dianrong said they are now working with R3 to integrate its blockchain supply chain finance solution onto Corda. The blockchain solution aims to deliver an efficient and secure access point, while ensuring transparency and enhancing trust among the counterparties. The company said the platform could help supply chain financing companies potentially triple the number of small suppliers they reach.
Dianrong Executive Chairman Soul Htite said that only 15 percent of micro and small businesses have adequate access to credit. He said this funding gap is particularly evident in large, complex supply chains where small business owners struggle to get the basic financing they need to operate.
“As a company committed to serving small businesses in China and around the globe, Dianrong believes the power of FinTech and blockchain processes are the key to bridging this funding gap, while also building greater transparency and trust across global supply chain finance processes,” Htite said
Htite added that they decided to work with R3 to further expand their supply chain finance network and make it easier for partners worldwide to adopt the blockchain solution.
“R3’s proven Corda platform will help provide the scalability, customization and global reach supply chain finance demands, Htite said. “And through a CorDapp, we can make this solution even more accessible and easier to use for supply chains in China and around the world.”
Corda is the outcome of over two years of intense research and development by R3 and its members. It is designed from the ground up for businesses operating in complex and highly-regulated markets. The platform records, manages and executes institutions’ financial agreements in synchrony with their peers, creating a world of frictionless commerce.
David E. Rutter, CEO of R3, said the CorDapp they are working on with Dianrong will help address the logistics industry’s traceability and transparency issues.
“It will provide greater access to Dianrong’s solution and help deliver a permanent, immutable record of each smaller supplier within a network, which will allow supply chain operators to make more informed and timely decisions about funding them,” Rutter said. “This strengthens the overall efficiency and transparency of the entire supply chain.”