The agreement seeks to dislodge this complex grid by revolutionizing key areas of the global financial supply chain
The Bitfury Group, blockchain technology company, and Mphasis, an IT solutions provider specializing in cloud and cognitive services, announced a strategic partnership to bring new levels of automation, transparency and efficiency to the financial services infrastructure that underpins global trade.
Technology is digitizing some areas of trade such as document management, customer due diligence and parts of supply chain finance. However, the systems that handle mission-critical activities such as settlement, liquidity management, and foreign exchange (FX) remain highly outdated, inflexible and disjointed. The result is a complex gridlock that limits visibility for all parties and hinders access to liquidity for those who need it most. Those conditions have contributed to a global $1.5 trillion gap between the demand and supply of trade finance.
The agreement between Bitfury and Mphasis seeks to dislodge this complex grid by revolutionizing key areas of the global financial supply chain. Together, Bitfury and Mphasis will work on new forms of tokenization to enable instant settlement of trade transactions, reduce reliance on complex FX infrastructures, and increase flexibility in liquidity management for financial institutions. The new technology will be interoperable; functioning across all types of procure-to-pay networks, distribution platforms and trade finance consortia.
SEE ALSO: Top 10 blockchain professions in 2019