#dltledgers, an independent blockchain platform for trade and supply chain digitization, announced their collaboration with leading enterprise blockchain software firm R3’s Corda platform to enable businesses, particularly Small and Medium Enterprises (SMEs), in supply chain to address challenges such as security, transparency and financing, and efficiently streamline operations to reduce transaction and record-keeping costs.
Global trade is still in recovery mode following major disruptions to the supply chain during the pandemic with recent geo-political situations adding to the challenge. Lack of control and visibility over cross border trade has been financially devastating for businesses, and has significantly drained their resources. SMEs are the hardest hit in a volatile supply chain environment as a significant number still rely on outdated, paper intensive, manual cross border supply chain processes.
There’s no immediate end in sight with current global disruptions therefore it’s imperative for SMEs to build robust and effective supply chains through digitalisation to enhance their abilities to manage all aspects of their supply chain process during any given global crisis. According to an analysis published in the World Economic Forum, there are still obstacles abound for supply chains in 2022 but many enterprises are taking proactive steps to build more reliable and resilient supply chains with technology.
“With an unpredictable and dynamic state of current affairs, SMEs need to swiftly address the fragility by digitalizing their supply chains. A digital and data driven supply chain enables real time visibility to data, across multiple parties, while enabling seamless collaboration to unlock true efficiencies. This enhances the resiliency of the supply chain, providing businesses with the ability to react quickly to unforeseen circumstances,” said Samir Neji, Co-founder of #dltledgers.
Today, a blockchain enabled digital cross border platform becomes an effective tool to increase visibility across the entire supply chain with shared and unalterable records of all transactions. This enhances the resiliency of the supply chain, providing businesses with the ability to react quickly to unforeseen circumstances.
“SMEs are now able to reorganise manual processes and complete transactions fast, create immutable data to enhance traceability and trust between all stakeholders and even have easier access to financial support which has often been one of toughest hurdles to overcome,” said Farooq Siddiqi, Chief Executive Officer, of #dltledgers
R3’s open-source Corda platform is the first purpose-built blockchain for enterprise that aims to help #dltledgers’ customers navigate critical supply chain challenges utilising a shared ledger of transaction with enhanced performance, transparency and security which is extremely beneficial when dealing with highly regulated markets, such as banking, trade finance and capital markets.
“At the heart of our Corda platform is delivering digital trust between businesses. We do this with scalable, permissioned peer-to-peer (P2P) financial grade solutions. We are happy to join hands with #dltLedgers to leverage this platform to build safe, secure, and seamless digital solutions to help SMEs address supply chain challenges,” said R3 CEO David Rutter.
Press Release Received on Mail
