Elly Yates-Roberts |
Singapore-based Distributed Ledger Technologies (DLT) has created a new blockchain platform called #dltledgers which uses Microsoft Azure to transform supply chains. The cloud-based solution reduces paper-based processing and improves security and transparency.
According to a recent Microsoft news story, the platform speeds up the way supply chains move. “It also delivers greater transparency, confidence, and certainty for everyone involved from start to finish across borders, oceans, and continents,” says Suji Thampi, chief technology officer at DLT.
Parties in a supply chain have historically had to wait days for physical documents to be generated and exchanged before the transfer of ownership of goods could take place. Blockchain digitalises and accelerates this process, making deal completion faster. As a result, goods can be shipped earlier, and storage charges and bank interest can be reduced.
DLT says its solution could enable trading companies to easily connect to their supply chain networks and digitalise trade processes and documentation. It could also give banks and other lenders greater confidence when offering letters of credit and financing.
“All parties along each step of a supply chain have full visibility over every transaction,” said Thampi. “It brings transparency and speed to the whole process, and that means more business can be done with certainty and security.”