The supply chain industry has been facing some barriers such as supplier reliability, credit, data sharing and visibility and affects how it works. Eximchain is an innovative solution for “powering the supply chain of the future”, according to the Eximchain official website. The network is a decentralized network that allows businesses to transact, connect and shares information securely and more efficiently. Exim also eliminates the barriers experienced in the supply chain industry and helps in integrating small and big actors into a transparent, inclusive and secure worldwide network. Why is Eximchain important and what are its features and benefits?
Why is Eximchain important?
The important of Eximchain is based on the innovative solutions it brings in the supply chain industry. Some of the solutions include:
Supply chain Finance
The Eximchain uses smart contracts to allow banks to verify the validity of orders that are placed with upstream partners and suppliers. This allows banks to provide the needed financing, according to the project.
The smart contract can also securely record transaction and historical data, allowing every supplier to prove reliability to rating institutions and buyers respectively.
Eximchain uses tools to allow partners to share inventory and demand information across a ledger. This allows partners to share more accurate data securely.
Feature of Eximchain
Transparency: Eximchain aligns the interest of partners to allow them to share information with others in the industry and gain visibility.
Efficiency: Eximchain reduces the time and cost users spend on manual reconciliation and the cost of third-party verification using a decentralized network.
Security: you can secure your sensitive network security through Eximchain unique consensus protocol and the governance mechanism and secure data through cryptography.
Eximchain Software Development Kit
Eximchain offers developers and entities, both small and large a software development kit that allows them to quickly build, customized, end-to-end supply chain applications. The application will allow for data privacy.
Eximchain can be used for a variety of things in the supply chain industry, some of the places you can use Eximchain include:
- Private trade negotiation
- SZL shielded transaction
- Supply chain finance, sourcing modules, and logistics.
Eximchain uses the EXC ERC20 compatible tokens. The purpose of the tokens is to generate a valid ledger of the Eximchain main net. The token will be distributed on the Ethereum blockchain and will be redeemable once the network is launched. Once the network is launched in Q2 2018, the token will be sued to validate state changes, pay for network fees and execute governance.