Founded at MIT media lab in 2015, Eximchain says its mission relates to blockchain infrastructure supporting supply chains. Its target is to address what it claims are the USD 5.2 trillion lost in revenue each year due to the lack of transparency, connectivity and agility in the global supply chain industry.
Eximchain is looking to leverage blockchain technology in order that stakeholders within any given supply chain can connect, transact and share information more efficiently.
Eximchain’s public blockchain will use private smart contracts so transaction data and trade secrets are encrypted. The platform will enable businesses and enterprises to integrate its solutions into their existing business processes and applications.
The company will offer a variety of supply chain solutions on its blockchain:
Sourcing – Smart Contracts will record historical data and transactions allowing suppliers to prove their reliability to buyers and rating institutions;
Supply chain finance – Smart Contracts will allow financiers to verify the validity of orders placed with all upstream partners and suppliers and provide the necessary financing;
Inventory management – tools will enable stakeholders to track demand and inventory information across a common ledger.
In addition, the Eximchain SDK will enable companies to build customized, end-to-end, supply chain applications.
Investors include FBG Capitial, Hashed, INBlockchain, Alphabit, Signum Capita, Kinetic Capital,GBIC, 1kx and Connect Capital. Eximchain is also developing partnerships through the fundraising process with business owners interested in developing real world use cases on the Eximchain platform.
Current blockchain technology does not meet the supply chain industry’s needs, including public transaction data, uncertain network security, and advanced IT knowledge of the system configuration. Eximchain’s aim is to streamline supply chain processes by reducing barriers and instilling trust in cross-border transactions.
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