Decentralized digital finance commerce platform Contour has accomplished a pilot blockchain transaction between textile corporations Tainan Spinning and Century Artificial Fiber Company in Vietnam, in line with a press release.
The discharge additionally acknowledged the transaction showcases the enterprise progress 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 are usually not match for objective. As a substitute, the way forward for commerce can be with out boundaries, permitting collaboration throughout your entire commerce ecosystem. The latest transaction has proven how our community can ship for banks of various sizes and throughout totally different industries. As we transfer into 2021, we goal to additional these targets, delivering an inclusive commerce surroundings for all.”
The discharge goes on to say that the work Contour did reveals the potential for blockchain to work together with conventional corporations, in addition to the potential to assist with “eradicating boundaries 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 in charge of all the information, the discharge acknowledged. Due to that, banks, importers and exporters can entry higher 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 following era IT with the set up of the Contour community all through a myriad of companies, monetary establishments and different companions.