16 Nov BlockEx and OpenText enter a partnership to develop a Blockchain-Based Supply Chain Solution
BlockEx, the digital asset exchange platform, has teamed up with OpenText to tackle supply chain finance inefficiencies by developing a blockchain-based solution. The companies announced the partnership last Tuesday.
BlockEx’s Digital Asset Exchange Platform (DAxP) is a digital asset creation, issuance and trading platform. BlockEx currently works with trading firms, institutions and governments, providing managed services for its toolkits as well as blockchain implementations and proof of concepts.
OpenText operates the world’s largest Business Network, a set of solutions within Enterprise Information Management (EIM) that facilitate the efficient, secure, and compliant exchange of information inside and outside of organizations. The network is connected to over 600,000 companies and yearly exchanges more than 24 billion business transactions.
The partnership with BlockEx is beneficial, as many companies in OpenText’s Business Network have expressed interest in exploring the use of blockchain in their supply chain. More specifically, CIOs globally are starting to embrace disruptive technologies as a part of their digital transformation initiatives. The partnership allows any company connected to the OpenText network to leverage the benefits of blockchain.
By jointly developing new solutions, BlockEx and OpenText could improve, for instance, supply chain event monitoring, identifying pledged assets, pre-delivery financing, and fraudulent invoice prevention.