Using blockchain to build a private network of traders, financers, logistics providers

Feature
June 28, 2020 10:16 am
Haisam Jamal, CEO and Co-Founder, Distichain.

Distichain leverages blockchain technology to bring together a network of traders, trade finance, logistics providers and insurance providers to trade securely. It provides autonomous trade contracts across trust-less parties to initiate paperless trade to fashion a scalable global trade platform.

Through Distichain, the traders become part of a private permissioned Hyperledger blockchain to trade their goods globally. Distichain’s Hyperledger blockchain supports large transactions and dynamic plug-in consensus and customisable data governance. Distichain’s blockchain network also comes with a strong identity management. It controls who can join the network, and their identity are validated via a stringent KYC KYB process with the organisational identity management system.

There are no anonymous or pseudonymous users within the Distichain network. Organisations in this peer-network would typically use a membership service provider for issuing and validating certificates and for user authentication. This enforces a strict privacy requirement. Data integrity is further made sure by separating the service providers in different channels and isolating them from the trader’s channels. This ensures secure, role-based access anytime from anywhere.

Distichain has a unique trade execution engine which tracks all the transactions done by different stakeholders to complete the sale offer. These transaction data are recorded into the blockchain by smart contracts which can only be invoked by Distichain.

Thus, Distichain ensures the data integrity within all the stakeholder by separating different stakeholders in different blockchain channels. In addition, there is no POW algorithm and crypto mining in Distichain, which allow a high scalability and fast transactions and limits significant overhead.

Distichain digitises trader’s end-to-end trade operation and secures trade with IPUs. It also facilitates real-time data sharing and negotiation, removes dependence on physical document, and helps to create an immutable, auditable record of transactions for all counterparties in Blockchain. This unique advantages of Blockchain helps to scale cross-border transactions and update the antiquated processes whilst cutting out non value adding middle men.

Distichain biggest challenge in applying its use case is creating the ecosystem community to deliver the end-to-end commerce. Distichain brings together a fragmented world of service providers into a homogeneous flow to support global trade and inclusion. Great solutions in trade finance, supply chain, KYC, and other fields are emerging as part of the 4th Industrial Revolution, Distichain vies to bring these to SMEs globally via its intuitive user interface thus breaking down barriers of the past.

Haisam Jamal, CEO and Co-Founder, Distichain.
Haisam Jamal, CEO and Co-Founder, Distichain.

 

Key takeaways

  • Through Distichain, the traders become part of a private permissioned Hyperledger blockchain to trade their goods globally.
  • There are no anonymous or pseudonymous users within the Distichain network.
  • Distichain ensures data integrity within all stakeholders by separating different stakeholders in different blockchain channels.
  • Distichain biggest challenge in applying its use case is creating the ecosystem community to deliver the end-to-end commerce.
  • Distichain has a trade execution engine which tracks transactions done by stakeholders to complete the sale offer.

 

Tags: