All Set for Upcoming Eximchain Mainnet Launch
The Eximchain mainnet will be inaugurated on October 5, 2018, an official report from the company has confirmed. Eximchain is a blockchain-powered platform that aims to solve the challenges experienced in the global supply chain. The blockchain will be launched in partnership with like-minded technology and supply chain brands that are looking to solve the inefficiencies that are currently facing the supply chain. These include a Fortune 500 company, YOOSourcing, a Chinese sourcing platform, and Enigma, a firm that facilitates privacy and scalability on blockchain networks.
Eximchain was established three years ago at the Massachusetts Institute of Technology. Its technology improves the operability of the supply chain, with a focus on sourcing, supply chain finance and inventory management. Earlier this year, the company raised $20 million from venture capital funds to finance its goal of eradicating the challenges facing the global supply chain through the integration of blockchain technology. According to research conducted by MarketsandMarkets, the supply chain industry will be worth $3.3 billion by the year 2023.
After deployment, the Eximchain blockchain will enable all participants in the global supply chain, regardless of their stature, to access information concerning the supply and demand metrics in real-time. Also, these entities will have their credibility verified on a public blockchain and have the ability to manage applications as well as have control over their individual data.
To prevent the domination of the blockchain by a single or a few entities, the Eximchain network will use the Quadratic Voting consensus algorithm. This is vital in upholding the decentralization, transparency and trustworthiness of the blockchain network. In this regard, Hope Liu, the CEO and founder of Eximchain, noted that the lack of transparency, lack of connectivity and inflexibility are the main challenges in the global supply chain. As a result, leading industry players are seeking technological intervention to reduce expenses and improve the efficiency of operations. Eximchain will address these issues by incorporating blockchain technology to the global supply chain. Furthermore, the company will collaborate with leading technology brands to revolutionize the multi-billion dollar supply chain sector.
At launch, the Eximchain mainnet will have 233 nodes spread across 14 locations worldwide. Moreover, it will feature the following projects:
- A Fortune 500 company that has a global supply chain as well as a huge client base. The firm intends to implement the proof of concept using blockchain infrastructure provide by Eximchain improve resource sharing, trust and facilitate transactions for the benefit of all participants in their business.
- YOOSourcing: this is a Chinese sourcing platform that currently has over 35,000 users. The firm will use blockchain technology to increase the integrity of data and aspects such as its authenticity and dependability. As a result, the prevalence of disputes between buyers and suppliers will be significantly reduced.
- Enigma: Eximchain will leverage Enigma’s smart contract technology to enhance the transparency of transactions in the global supply chain. This will help mitigate the $1.5 trillion that is unaccounted for in the sector, according to the Asian Development Bank.
Starting from October 5, the Eximchain blockchain will be available to the public. Token holders will also commence the token holder verification proceed in preparation for the upcoming token swap and quadratic voting governance participation.
In line with the project roadmap, Eximchain will continue to introduce additional functionalities to the network and improving the security features before the year ends. Also, the company will be looking to recruit innovation partners and ambassadors worldwide to add to their developer community. The Eximchain SDK, scheduled to be launched next year, will enable businesses to create personalized supply chain applications on the Eximchain blockchain.
Live Streaming of the Mainnet Launch Event
The Eximchain blockchain launch will be streamed online from the US and Singapore. It will be accessible from all parts of the world as from 9.00a.m. EST on Friday, October 5.
Application Areas of the Eximchain Blockchain
- Sourcing: the Eximchain blockchain will record historical transaction data on an immutable distributed ledger. This will enable suppliers to prove their dependability to buyers and raters.
- Supply Chain Finance: smart contracts enable financiers to ascertain the validity of orders placed by suppliers before financing any deal.
- Inventory Management: inventories and other records can be easily shared on the distributed blockchain ledger.
This year, the company fundraised $20 million from leading venture capital funds to finance its goal of solving the challenges in the supply chain using blockchain technology.