TradeIX Offers Blockchain for Trade Finance

Announcements, Blockchain, FinTech, Innovation, Investing, Regulation | June 9, 2017 By:

TradeIX has developed the first open blockchain platform for trade finance.

Established in Ireland, TradeIX was formed by industry veterans with backgrounds in banking, trade finance, and blockchain technology. The company is working with leading investors in the financial services space, such as Kistefos, a private investment company wholly-owned by Mr. Christen Sveaas.

Called TIX, the new blockchain platform 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.

The TIX platform is comprised of TIX Apps, TIX Developer, TIX Composer and TIX Core, each addressing targeted parts of the corporate finance process. TIX Apps provides the customer-facing services, while TIX Developer provides APIs for developers to take advantage of the technology to create their own solutions. TIX Composer integrates the trade finance aspect of the platform, supporting creation and management of smart contracts and other trade finance interactions, and TIX Core is the underlying infrastructure.

TradeIX CEO Rob Barnes said the TIX platform represents the dawn of the “Internet of trade” and it has the potential to transform trade finance.

“Banks can lower processing and back-office costs, improve current commercial offerings, and generate new financeable assets, all while increasing traceability and reducing risk,” said Barnes. “Corporates can benefit from making data available securely to many of their trading partners. Additionally, they get access to competitive funding for different trade assets. And B2B networks can provide blockchain capabilities to their customers and generate additional revenue streams by using our platform to give their clients access to multiple financial institutions offering trade finance.”