ShipChain, the blockchain-based logistics company, today announced a new partnership with the B2B e-commerce platform provider Distichain to help small- and medium-sized businesses access global markets.
ShipChain notes that as businesses increasingly need to be smart and connected in this new environment, this partnership facilitates the path to full digitisation and the ability to perform their B2B transactions seamlessly from one screen, with new track-and-trace visibility technology and elimination of expensive friction points.
“This new partnership with Distichain started with a vision to bring an advanced technology platform to simplify the complexity of global supply chains,” says John Monarch, CEO, ShipChain. “To that end, we have delivered a true supply chain control tower approach, powered by blockchain to help small and medium global businesses monitor and track their shipments all over the world. This will enable our trading partners to capitalize on revenue in increasingly competitive global markets.”
It notes that currently a large percentage of small and midsize enterprises lack the volume or technical capabilities to connect to larger supply chains and logistics companies and therefore are unable to fully participate in global cross-border trading. For instance, many businesses still handwrite bills of lading and faxed confirmations to partners across the world. Not only is this process outdated, but it’s also expensive and lacks basic security features.
ShipChain and Distichain plan to offer their services together on a larger, joint platform. Distichain’s technology will bring in their established marketplace to companies of all sizes, along with the documentation pertaining to different shipments to be stored on the blockchain.
ShipChain will then track and trace the shipment with visibility heightened via blockchain technology through its delivery. Once the shipment has been tracked, payments are handled via Distichain’s system.
“In early 2018, we realised that blockchain and AI were on the verge of revolutionising trade finance and supply chain, as part of the fourth industrial revolution,” says Haisam Jamal, CEO, Disitchain.
“Accordingly, we saw an opportunity to build a trade engine that would be able to bring the most innovative solutions in this field and make them accessible to millions of potential companies via a simple B2B e-commerce interface. Our partnership with ShipChain delivers exactly that.
“ShipChain opens up the world of automated logistics to all Distichain users that can benefit from their technology and services, facilitating open, secure global trade,” Jamal says.