In a new partnership with BlockEx—a provider of blockchain digital asset exchange services—OpenText will soon offer blockchain-based supply-chain management tools to members within its Business Network. The companies will begin development for tools integrated into BlockEx’s Digital Asset Exchange Platform (DAxP), which is currently used by trading firms, institutions, and governments in asset creation, issuance, and trading.
Ultimately, the new platform will enable all companies connected to the Open Text Business Network to access DAxP. Some of the new platform features will be used to reduce fraudulent invoices, evaluate vendor risks by monitoring supply-chain disruptions and late deliveries, and identify assets that have already been pledged. It is also expected to improve communications for transactions conducted between third-party suppliers and international buyers.
"Teaming-up with OpenText to develop a blockchain-based trade finance marketplace is truly exciting,” says BlockEx's CEO, Adam Leonard. “Our partnership allows some of the world's largest supply chains connected to OpenText's Business Network to simply opt-in to blockchain-based trade finance."
The companies highlight blockchain for its transparency and security. All transactions between parties are encrypted, and can be accessed by authorized participants for detailed tracking and monitoring of individual transactions. OpenText will continue to work with BlockEx long-term to explore other solutions that can also complement electronic data invoicing (EDI) tools used by members in OpenText’s Business Network.