Elemica, a Digital Supply Network for the process industries, today announced a partnership with Centrifuge to create a blockchain-based visibility and financing offering.
Elemica and Centrifuge are addressing the specific challenges and use cases of blockchain technology for the supply chain industry. The partnership allows 3rd parties to leverage the technology to build, host and use their own blockchain applications, smart contracts, and functions on the blockchain, which will benefit all users of the Elemica network.
“The process manufacturing industry is evolving by seeking an interconnected approach between Blockchain technology and their current focus on Industry 4.0 and Digital transformation initiatives,” said Arun Samuga, CTO, Elemica. “As such, different participants in the supply chain can trigger participation through a blockchain solution if their activities are modeled through distributed ledgers and smart contracts. This makes supply chains more efficient and more resilient to risk by enabling end to end visibility.”
Centrifuge is actively working with Elemica to build a network and collaborative space to solve the challenges of decentralized finance. Centrifuge and Elemica will work together to enable supply chain finance, improve supply chain processes and explore various additional use cases, making transactions more manageable and easily authenticated. Centrifuge, through their open and decentralized blockchain protocol, provides access for all network participants to those services.
“In the process industry, there is a tremendous amount of time and effort spent on creating and enforcing contracts, auditing payments, reconciliation, and legal proceedings. Blockchain technology enables a trustless environment with distributed ownership of data,” said Martin Quensel, co-founder of Centrifuge. “If data or assets can be tokenized, they can be used for automated governance through smart contracts and for transfer of finances, so they are not investing efforts in contracts and financing.”