TradeIX has launched the TIX blockchain based platform to rewire the $8 trillion trade-finance market
TradeIX Limited unveiled the first open blockchain platform last week. The TIX Platform is designed to revolutionize trade finance which remains heavily reliant on third-party intermediaries and antiquated systems. The platform provides banks, alternative funders, Business-to-Business (B2B) networks, technology providers and corporates with a smarter, more connected and more secure way to finance trade related assets around the world.
The launch of the TIX Platform comes as trade finance continues to garner attention from the tech and banking industries. Earlier this year Mizuho Financial Group, Mizuho Bank, and IBM Japan teamed up to build a blockchain-based trade financing platform.
Deloitte, the Hong Kong Monetary Authority (HKMA) and other leading trade finance banks also recently developed a distributed ledger technology based proof of concept for trade finance in the last few months.
Commenting on the launch of TIX, Rob Barnes, CEO of TradeIX, stated,
“The $8 trillion trade-finance market underpins every aspect of the global economy, but it operates through high-cost, high-maintenance, time-consuming processes that involve multiple bilateral, paper-based transactions. This has made global trade extremely complex and exclusive, and unnecessarily costly for corporates, banks and other participants in the trade finance market.”
“The TIX Platform by TradeIX represents the dawn of the “internet of trade” and it has the potential to transform trade finance. The efficiencies and capabilities made possible with our TIX Platform enhance the value proposition for every party involved in trade and the supply chain. Banks can lower processing and back-office costs, improve current commercial offerings and generate new financeable assets, all while increasing traceability and reducing risk. Corporates can benefit from making siloed data available securely to many of their trading partners,” he continued.
Andy Berti, CTO of TradeIX, said “The TIX Platform is a true game changer in the trade finance ecosystem. By applying blockchain technology to trade finance, the TIX Platform reduces complexity and the number of intermediaries involved, eliminates the settlement, custodian and counter-party risk and enables superior credit risk management. As an open platform, TIX is simpler for users to connect and use than proprietary platforms, can accommodate users’ different legacy technology systems and has potential for greater network effects.”
More here [prweb]