Supply chains have changed dramatically over the past 20 years, but supply chain management has not. It is estimated that shareholders lose over $5.2 trillion in potential revenue each year due to the lack of transparency, connectivity, and agility in the global supply chain.
A group of MIT graduates thinks theres better solution. The Eximchain project started in 2015 at MIT with the mission of providing blockchain-enabled tools to transform the global supply chain by integrating SMEs and increasing transparency. (They received valuable mentorship from the MIT Media Lab, made it to the final round of MIT $100K Accelerate Competition, and completed the Plug And Play Fintech Accelerator.) After graduating in June and publishing their whitepaper, the team began searching for their first use case in Asia, where SMEs are heavily concentrated.
With the goal of powering the supply chain of the future, Eximchain will create a smart-contract-based ecosystem that allows companies to quickly build customized, end-to-end supply chain solutions with data privacy. Different participants can derive different values from the ecosystem: sourcing platforms or rating agents can use the Proof of Existence (PoE) functionality to demonstrate data ownership without revealing transaction information, suppliers can seize early payment discounts from downstream buyers to improve working capital, and logistics partners can automate the reconciliation process across different systems to save time and reduce cost.
Eximchains first large user base comes from Trade Manager, a Big Data platform that helps buyers find suppliers based on their transaction records. A pilot is scheduled to make blockchain-based Supply Chain Sourcing solutions available to over 50k SME users on the Trade Manager platform. The $20m Eximchain is raising this round will be used not only to build out the product but also to empower the SME community and to set a new standard for enterprise use of blockchain solutions in the global supply chain.
Join us on Telegram to learn more about our project, and stay tuned for our bounty program coming soon.
