by Maria Hartas, DCMME Graduate Assistant
A blockchain pilot program has successfully been completed between Elemica, the leading Digital Supply Network for Process Manufacturer, and crossinx, a network for financial business collaboration solutions. The pilot program aims to redefine B2B processes and support multiple industry digital transformation.
The program consists of the two companies existing as nodes on a public blockchain connecting structures data with unstructured data. Additionally, two global chemical companies partook in transferring invoice, purchase order, delivery tender, and proof-of-delivery documents and data.
Further testing blockchain capabilities could enable a many-to-many connection of companies. Connecting to a digital network, supply chain data can be shared with all trading partners regardless of the network each is connected to. As expressed by crossinx CEO and founder Marcus Laube, the goal is “To use the blockchain to automate document exchange along the supply chain and make it more transparent. This is the basis for our Supply Chain Finance solution”.
A many-to-many connection with blockchain could lead to the:
- Ability to decentralize and free-up from intermediaries the exchange information between different stakeholders
- Simplification and enhancement of existing business processes
- Development of auto-ordering based on IoT information
- Automation of PO confirmations
- Creation of auto-invoice based on Pickup or PoD
- Auto-matching of invoices
- Ability of auto-payments
- Extension of technology to other complementary decentralized networks and from IoT devices
The pilot program will continue to push blockchain applications before full adoption of the technology.
- Can you think of alternative ways to solve potential Supply Chain Finance bottlenecks (manual order creation, invoice matching, payment generation/confirmation, and so on)?
- How can multiple shareholders avoid intermediaries in sharing documents and data?
- What are the benefits of blockchain technology in creating a shared network?