Eximchain, the company bringing supply chains onto the blockchain, hits two key milestones showing positive growth and momentum since completes its first fundraising round
After securing $20 million for their digital blockchain platform that empowers global supply chains, MIT founded startup, Eximchain announces today a partnership with YOOsourcing, the sourcing platform that enables buyers to verify suppliers’ authenticity, trustworthiness and reliability. In addition to the new partnership, Eximchain also has released a new private testnet, an alternative blockchain used to experiment with its artificial coin. The testnet includes 250 machines across 14 regions globally and has already gone through 8 rounds of trial. Eximchain’s supply chain will help prevent businesses from losing trillions of dollars of potential revenue. Last month, Eximchain closed a successful funding round, raising $20 million from strategic contributors including FBG Capital, INBlockchain, and Hashed.
On YOOsourcing’s mobile app buyers can perform sourcing inquiries directly from a supply company’s profile and reward the positive experiences with a rating system. A crowdsourced factory verification is built into the platform to ensure validity to a displayed businesses identity. By partnership with YOOsourcing, suppliers using the Eximchain platform can monitor their inquiries, promote new products, and grow their reputation to garner future business leads. Eximchain’s blockchain network will serve to increase the trust and accountability of data and agreements shared between buyer suppliers on YOOSourcing’s platform.
The company’s private testnet (and encapsulating Infrastructure as Code) ensures privacy, scalability and security to the user. It is a public permission network with a quadratic voting based governance mechanism to manage consensus participants. Usually, ‘distributed’ testnet systems, and the tools to manage them, operate in simulated, small, local contexts, posing a problem for enterprises and protocol developers who should require decentralized networks to be scaled elastically through a security-hardened service to actually test how the distributed systems they have built will perform a larger, global networking scale. Eximchain’s testnet brings the operations onto a global scale, with 250 machines running the protocol on a real, unsimulated, blockchain infrastructure, which is live in US, Canada, Brazil, England, Ireland, Germany, France, Singapore, Japan, Australia, India, and China.
The testnet was built on Quorum, the blockchain for the financial sector that supports private smart contracts creates a private data network with military-grade encryption, and secures the transacting of payloads between nodes using an underlying encryption layer. The private testnet will be open to the public once Eximchain completes the scalable infrastructure testing. Users will be able to join the Eximchain blockchain, using Eximchain’s Infrastructure as Code modules, allowing them to begin developing decentralized supply chain applications leveraging private smart contracts as well as manage the underlying infrastructure supporting them.
Eximchain’s platform is user-friendly, allowing businesses and enterprises to seamlessly integrate its solutions into existing business processes and applications. Eximchain streamlines supply chain processes by reducing barriers, increasing coordination, and instilling trust in cross-border transactions. Current blockchain technology does not meet the supply chain industry’s needs, including public transaction data, uncertain network security, and advanced IT knowledge of the system configuration.
“We are really excited about the recent developments that Eximchain has achieved since completely our fundraising round. Our partnership with YOOsourcing is strategic in that our customers will have a better understanding of how to choose suppliers, which ones are most credible and give them the best service; while our testnet shows the strength, scalability, and viability of the project.” said Hope Liu, Co-Founder and CEO of Eximchain.
Founded at MIT in 2015, Eximchain (short for export-import on blockchain) is building a digital platform (using blockchain technology) for enterprise use to bring supply chains into the 21st century by reducing barriers, increasing coordination, and instilling trust in cross-border transactions. From supplier credit to inventory management, Eximchain’s solution offers a public blockchain with privacy, ideal for enterprise use for supply chain companies and applications looking to leverage the power of blockchain technology. So stakeholders within a supply chain can connect, transact, and share information more efficiently and securely.Eximchain is an official candidate of the Blockchain Regulatory Sandbox Program in Guiyang, China and a member of EEA (Enterprise Ethereum Alliance).
The WhitePaper of Eximchain: https://eximchain.com/Whitepaper%20-%20Eximchain.pdf