Aeries Blockchain Corporation, a US-based Blockchain, and AI development firm is to launch a blockchain-based, supply chain financing platform this month. This platform is designed to streamline flows among buyers, sellers and financiers in a supply chain and help improve efficiency, transparency, and operation of supply chain finance. This permissioned blockchain platform uses Hyperledger Fabric which seeks to eliminate some of the financing problems like faced by almost every industry. Pankaj Pathak, CTO of Aeries Blockchain Corporation, comments on how blockchain is shaping businesses, “We are seeing a flood of cross-sectoral blockchain adoption right now, with a large group of enterprises using the technology as a method for enhancing transparency, efficiency, and security. While at first intended to verify digital currency transactions, organizations are currently taking advantage of the intensity of blockchain technology to digitize and secure documents and product information, making a secure, irrefutable record.�
The blockchain-based supply chain finance solution more specific via so-called smart contracts will essentially enable all parties in a supply chain finance solution to act on a single shared ledger with private views. Blockchain will accelerate the procedure, giving the organizations more control, and in the long haul would, at last, make more robust supply chains. The time required from initiation to payment can, in this way, be significantly reduced.
Here’s how Aeries Blockchain Corporation is going to mechanize supply chain finance on the blockchain. On the new platform, once the eKYC enabled on boarding gets completed, the buyer can request for quotation on its own private channel, to which interested vendors in their network respond with PO. Most suitable invoice is chosen, instant certificate verification is done digitally, based on conditions mentioned. After the seller receives a confirmation of payment assurance date by the buyer or the financial institution, the goods are shipped. The shipment has a QR code or any method of tracking, which is linked to the smart contract. When the goods arrive at the agreed destination, and all the conditions are met, the payment is released to the vendor.