DHL Partners with TradeIX Blockchain Platform for Trade Finance
The global logistics giant DHL plans to create more efficient networks in collaboration with TradeIX
According to a presentation at the Money20/20 conference held in Amsterdam on the 5th June 2018, the global logistics giant DHL plans to collaborate with TradeIX using the blockchain platform to carry out trade finance activities.
The Vice President of Commercial at the DHL Supply Chain UK and Ireland, Becky Taylor explained that the logistics giant was in fact searching for methods to improve the trade finance network with the use of more efficient and adaptive technologies. The digitization process is one such area that would provide a method to serialize products which will enable tracking of products from creation to delivery throughout the product life cycle.
Taylor announced and explained the partnering decision stating DHL alone, “cannot achieve those types of funding rates to create an attractive price [for users], so we started to work with Trade IX”.
CFO and managing director of Trade Finance and Payments Network TradeIX, Daniel Cotti made a statement on the absence of standards and interoperable marketing solutions for trade finance. According to his point of view this leads to the disconnection in the trade systems which rely on “manual, costly, tedious, error prone and redundant processes”.
Empower DHL through TIX platform of TradeIX
As stated in the presentation, blockchain technology is capable of powering up “leaner, more automated and error free processes and increased visibility”. The TIX platform of TradeIX will grant access to DHL to deploy and “embed multiple funding and risk mitigation options into their product offering”.
DHL made a strike on blockchain technology earlier in March 2018 partnering with Accenture consulting firm. The duo joint created a supply chain prototype for pharmaceutical sector on the blockchain.
Earlier in May 2018, FedEx delivery service CEO Fred Smith stated that blockchain is going to be the “next frontier” with its full potential in global supply chain services.