DigitalCFO Newsroom | 5 May 2022
The partnership with R3 and use of Corda will help #dltledgers to tap into industry-leading blockchain technology for delivering a frictionless and secure multi-party transaction experience.
Singapore-based fintech firm #dltedgers has announced the release of #dltledgers 2.0, a much-anticipated update to the expanded supply chain and digitization platform using blockchain technology. Powered by Corda, the update adds new multi-party transaction capabilities with customizable smart contracts to enable more business flexibility and transparent supply chain visibility.
This new release of the #dltledgers 2.0 platform is designed to enable more seamless transactions across international trade, global supply chains, and cross-border trade financing. Today, international trade demands and adheres to significantly more regulatory oversight designed to increase transparency and governance for all parties. As a result, the increased documentation requirements and added processes burden an already cumbersome payment and management structure. These then complicate efforts to enable seamless cross-border trade and international financing.
Farooq Siddiqi, Chief Executive Officer, #dltledgers said: “By reducing friction across the trade, supply chain, and the financing process, automated, repeatable, and digitally executable transactions allow businesses to remain focused on investing in their business growth. The #dltledgers 2.0 platform engenders trust, increases privacy and security for all involved in cross-border trade and financing.”
The #dltledgers platform was developed on a blockchain technology platform that is a ‘no-code,’ plug-and-play ecosystem that enables digitalization, promotes seamless collaboration and authenticates transactions across the global trade and supply chain. This #dltledgers 2.0 platform increases transparency across the multi-enterprise supply chain business network through customizable multi-party intelligent contracts.
Introducing a customizable multi-party innovative contract system simplifies the sophisticated process of securing cross-border trade financing that is crucial to business growth, enabling seamless collaboration between internal-external parties while maintaining the privacy and integrity of business data and enhancing audibility.
#dltledgers is built to enable seamless collaboration while being the single source of truth in multi-party transactions. The integrated digital solution is protected with enterprise-grade security through distributed ledger technology; the integrated digital solution delivers real-time transparency, visibility, and even adequate risk monitoring against financial disequilibrium.
With 55 percent of the world’s trade growth forecast to flow through Asia by 2025, businesses must increase their digital initiatives to drive greater productivity, efficiency, and value. The #dltledgers platform has since been used by more than 4,000 businesses globally, providing financing and supporting cross-border trade and transactions totaling more than USD4 billion worth of work.
#dltledgers 2.0 continues its partnership with R3 and its use of R3’s industry-leading permissioned peer-to-peer (P2P) distributed ledger technology (DLT) platform, Corda. The partnership will extend Corda’s benefits to enterprises that are moving towards digitizing their extended supply chain, all while supported by R3’s expertise in regulated markets and trust technology.
Cathy Minter, Chief Revenue Officer, R3 said: “We are very excited to lend our expertise in trust technology and strengthen our partnership with #dltledgers. As one of the world’s fastest-growing supply chain digitization platforms, we are proud that #dltledgers has selected Corda. The opportunities to transform the industry in the road ahead are immense, and we look forward to working closely with the #dltledgers team and jointly lead the blockchain industry towards a new digital future for supply chain and trade finance.”
Farooq Siddiqi, Chief Executive Officer, #dltledgers added: “In reducing their dependence on manual legacy systems, organizations are removing inertia and friction in multi-party collaborations, which slows cross-border trade and reduces transparency, which is ultimately costly. We are excited about our partnership with R3. They bring unrivaled expertise in regulated markets, which, when mixed with our supply chain expertise, will deliver measurable benefits to companies and supercharge their digitalization journey.”
Samir Neji, Chief Product Officer, #dltledgers – We envisioned the multi-party transactional gaps in the supply chain back in 2018 and have resolved the guesswork in the extended supply chain. We built our metaverse platform on a highly scalable enterprise-grade blockchain framework. We enable multi-party transactions with ease, trust, authentication, and integration across the extended supply chain business networks, offering value to all parties. We are the exclusive platform for ESCBN in R3’s Corda, offering a ready-to-go extended supply chain business network for global enterprises, banks, and logistics. Both R3 and #dltledgers are committed to our global customer demands and will continue innovating to enable digitalization, collaboration, and authentication in multi-enterprise business networks.”