New Global Supply Chain Logistics Alliance (GSLA) Is Formed By TEMCO And LogisticsX Partnership
The first Bitcoin-based (RSK) supply chain platform TEMCO, has secured a partnership from LogisticsX, the decentralized last mile logistics platform. In the proud announcement of the partnership on 7 November 2018, the two platforms set to kickstart the Global Supply Chain and Logistics Alliance (GSLA), with TEMCO set to become a lead firm and LogisticsX, a pioneer member of the new organization.
Under the new structure of GSLA, firms will seek to solve problems facing supply chain management by improvising supply chain and logistics blockchain projects while bringing together industry experts. While there are blockchain projects already attempting the same as GSLA, the innovation by TEMCO and LogisticsX will encompass the business ecosystems of every project or country alone. No single blockchain project is yet to achieve that and GSLA becomes the first to offer a truly global perspective of the supply chain.
CEO of TEMCO, Scoot Jaeseob Yoon stated,
“The formation of GSLA is a much-needed step towards solving the global supply chain and logistics problems through blockchain. We are excited about the partnership and the future of GSLA with companies that will be coming onboard.”
What GSLA Will Solve
At the heart of the GSLA network, the main issues to solves would be problems of localization for companies expanding globally. As aforementioned, few blockchain projects solve the matters of difference in business ecosystems, culture, language, and regulations between countries. GSLA seeks to improve on this by providing a blockchain solution plus expertise to suit operating from the country's ecosystem.
Erik Cheong, Co-founder of LogisticsX, explains further by adding:
“Each project has strong business partnerships that are looking to expand overseas, and we can assist each other to understand and navigate the intricacies of regulations and business environments in each country.”
Additionally, the use of permanent ledgers under GSLA could also provide a trustless connection that protects details of the supply chain through blockchain. Already LogisticsX is providing an implicit trust service between Logistics Provider records and the partnership would end up expanding their innovation reach. Real-time and immutable timestamping thanks to blockchain could also safeguard the real-time transactions, especially with the supply chain witnessing changing of ownership and transfer of responsibility of products. Logistics providers could form a joint solution that will enable the creation of best practices for the supply chain.
TEMCO is a logistics startup that utilizes blockchain technology to connect different supply chains and utilizes the interconnection to develop new services. Additionally, TEMCO provides firms with Business Intelligence (BI) tools, analytic tools to help companies access to data through the blockchain. TEMCO also develops applications for consumers to view the supply chain.
LogisticsX envisions a “last mile market,” where individuals contribute to the delivery of a parcel and in exchange get to earn in the process. The decentralized platform wants to set forth new global standards for communication between logistics stakeholder, by utilizing blockchain technology. Their goal is to increase the transparency, efficiency, and security of the global parcel delivery network.