Decentralized digital finance commerce platform Contour has accomplished a pilot blockchain transaction between textile firms Tainan Spinning and Century Artificial Fiber Company in Vietnam, in line with a press release.
The discharge additionally said the transaction showcases the enterprise development in Vietnam and Taiwan.
“Because the world adapts to social distancing and post-COVID life, conventional strategies of doing enterprise will rapidly be incompatible,” stated Contour CEO Carl Wegner, in line with the discharge. “The inefficient paper-based processes which have plagued worldwide commerce for many years will not be match for goal. As a substitute, the way forward for commerce can be with out obstacles, permitting collaboration throughout your complete commerce ecosystem. The current transaction has proven how our community can ship for banks of various sizes and throughout completely different industries. As we transfer into 2021, we goal to additional these targets, delivering an inclusive commerce setting for all.”
The discharge goes on to say that the work Contour did exhibits the potential for blockchain to work together with conventional firms, in addition to the potential to assist with “eradicating obstacles within the commerce ecosystem and higher supporting the alternatives for collaboration.”
With the corporate’s decentralized community, all events can entry the visibility of the commerce, and it turns into sure that nobody group, together with Contour itself, is accountable for all the info, the discharge said. Due to that, banks, importers and exporters can entry better visibility with out compromising safety.
Contour went reside in early October, PYMNTS reported, with Wegner proclaiming it a step ahead to a “digital future for commerce finance.”
In that partnership, Mphasis used its “Front2Back” strategy to assist the subsequent era IT with the set up of the Contour community all through a myriad of companies, monetary establishments and different companions.