SYNECHRON BLOCKCHAIN ACCELERATOR
Eliminate the possibility of supplier fraud in trade finance while participating in a private credit, transaction and payment network. Synechron brings the power of blockchain-based network validation, smart contracts and digital currency to make the trade-finance cycle more efficient by an order of magnitude while monitoring compliance, including Basel III risk and capital requirements.
The Synechron Blockchain Accelerator for Trade Finance provides working, usable code for trade-finance applications, not just presentation diagrams and theoretical improvements. The privately hosted Ethereum network gives you a head start in building a custom trade finance blockchain tailored to your production environment.
THE SYNECHRON DIFFERENCE
Blockchain is uniquely positioned to rethink this highly-decentralized, paper-contract, payment-based market. It can digitize the entire workflow as well as providing a common workflow for all participants – banks, suppliers and buyers, along with credit rating and shipping providers.
Synechron brings the power of blockchain-based network validation, smart contracts, and digital currency to make the trade finance cycle more efficient by an order of magnitude.
Our working code and applications show you how to:
- Use a private, permissioned Ethereum network to gain the benefits of contract verification from other participants without compromising sensitive client identities.
- Automatically check contract terms and conditions, which include the triggering of payments through a low-cost private digital payment system.
- Make the trade finance experience easier and more efficient, both internally and for customers, with feature-rich baseline blockchain applications and user interfaces.
Applying blockchain-enabled smart contracts results in:
Faster Cycle Time
- The efficiencies gained are expected to speed the trade finance cycle by an order of magnitude. Transactions that took months can be reduced to days.
- Blockchain enables all participating banks to audit and access the underlying collateral in a secure, distributed database, which reduces supplier fraud.
Reduced Costs and Fees
- Common trade-finance platform that enables banks, rating agencies and suppliers to share information will result in greatly increased efficiencies. Payments transfers using digital currencies dramatically reduce third party fees, saving the industry billions of dollars.
The Blockchain Accelerator for Trade Finance is a pilot ready, functioning blockchain application that provides working, usable code. As a client, you receive the working application hosted on a private blockchain on Ethereum.
The working solution provides a foundation for building a custom trade finance blockchain tailored to your production environment. The feature-rich user interfaces are designed for a smooth interactive experience to a complex workflow. Wherever you are in your organization’s blockchain journey, the Synechron Blockchain Accelerator for Trade Finance can propel your progress from theory to production.
To learn more about our Blockchain Accelerator for Trade Finance and the work we’re doing email us at email@example.com
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