Country for PR: United Kingdom
Contributor: PR Newswire Europe
Wednesday, November 15 2017 - 07:03
AsiaNet
BlockEx Partner with OpenText to Develop Blockchain-Based Supply Chain Finance Solution
LONDON, Nov. 15, 2017 /PRNewswire-AsiaNet/ --

 - Disruptive Blockchain Startup Partners with World's Largest Business Network 

As part of BlockEx's mission to trim the fat from the financial services 
industry using blockchain, it is partnering with OpenText. Together, they will 
use blockchain to make supply chain finance more efficient. OpenText operates 
some of the world's largest supply chains through its Business Network. More 
than 600,000 companies are connected to the network, which exchanges more than 
24 billion business transactions a year. BlockEx has long seen the potential to 
innovate and automate supply chain finance using blockchain.

"BlockEx is pleased to partner with OpenText Business Network," said BlockEx's 
CEO, Adam Leonard. "Teaming-up with OpenText to develop a blockchain-based 
trade finance marketplace is truly exciting. Our partnership allows some of the 
world's largest supply chains connected to OpenText's Business Network to 
simply opt-in to blockchain-based trade finance."

The BlockEx Digital Asset Exchange Platform (DAxP) manages the entire lifecycle 
of digital assets: origination, issuance, exchange, settlement and post-trade. 
It has tools for creating and servicing digital assets, and automated 
reporting. BlockEx works with trading firms, institutions and governments, 
providing white label and bespoke blockchain solutions and proof of concepts. 
Integrating the DAxP with OpenText's Business Network will allow any company 
connected to their network to leverage the benefits of blockchain.

 "This partnership will offer any company connected to OpenText's Business 
Network a unique and secure way to manage the supply chain finance process for 
their supply chain operations," said Marco De Vries, Senior Director Product 
Marketing, OpenText Business Network. "Blockchain is an exciting technology and 
we are pleased to work with BlockEx on this initiative."

OpenText and BlockEx will work together to provide increased visibility of 
supply chain information. As an immutable and public ledger, this is an ideal 
use case for blockchain. It can track raw materials from their source to 
destination, and help financial lenders to monitor risk, payments and 
transportation of goods.

OpenText and BlockEx are working together to develop tools to help financial 
lenders:

 - Monitor supply chain events such as disruptions or late delivery of 
shipments, and evaluate vendor risk more effectively, informing future discount 
rates. 
 - Identify timing of asset pledging. 
 - Extend offering to pre-delivery financing. 
 - Prevent fraudulent invoices. 

In the longer-term, BlockEx will be working with OpenText Business Network to 
explore other supply chain-focused solutions. Blockchain is going to 
revolutionise supply chain finance, and BlockEx will help OpenText be ahead of 
the crowd.

SOURCE: www.opentext.com