OpenText & BlockEx Partner to Develop Blockchain Based Supply Chain Finance Solution

Recognizing the emerging global interest in blockchain, OpenText has partnered with BlockEx, a leading provider of blockchain digital asset exchange services, to jointly explore how global supply chains can leverage blockchain technology.

OpenText operates the world’s largest Business Network.

More than 600,000 companies connect to our network to exchange more than 24 billion business transactions a year.

Many companies connecting to our Business Network are exploring use cases for blockchain across their respective supply chains.

Blockchain, as with the Internet of Things and Machine Learning, is a disruptive technology that is beginning to be embraced by global CIOs as part of their digital transformation initiatives.

“BlockEx is pleased to partner with OpenText,” said Adam Leonard, CEO of BlockEx.

“Teaming up with OpenText to develop a blockchain-based trade finance marketplace is truly exciting. Our partnership allows some of the world’s largest supply chains connected to OpenText™ Business Network to simply opt-in to blockchain-based trade finance.”

The BlockEx (Digital Asset Exchange Platform) DAxP is a digital asset creation, issuance and trading platform.

With toolkits for asset creation servicing, trade settlement, permissioned trading and automated reporting.

BlockEx works with trading firms, institutions, and governments, providing managed services for its toolkits as well as bespoke blockchain implementations and proof of concepts.

Many financial institutions are already using the BlockEx platform and integrating this platform with OpenText Business Network will allow any company connected to the network to access the BlockEx DAxP.

Solutions that OpenText and BlockEx jointly develop could provide increased visibility of the end-to-end supply chain information flows.

This can help financial lenders:

• Monitor supply chain events such as disruptions, or late delivery of shipments to evaluate vendor risk more effectively, informing future discount rates
• Identify when assets have been pledged already
• Extend offering to pre-delivery financing
• Provide a way to prevent fraudulent invoices entering the supply chain

“This partnership will offer any company connected to OpenText Business Network a unique and secure way to manage the supply chain finance process for their supply chain operations,” said Marco de Vries, Senior Director Product Marketing, OpenText Business Network.

“Blockchain is an exciting technology and we are pleased to work with BlockEx on this initiative.”

In the longer-term, OpenText will be working with BlockEx to explore other supply chain-focused solutions that complement the EDI-based transaction flows being exchanged across our global network.

Blockchain is ideal for traceability use-cases within the supply chain, especially where raw materials need to be tracked from source to final destination.

Born out of the financial services sector, blockchain stands to transform the way in which companies engage with trading partners across a supply chain.

About the Author
Mark Morley, Director, Strategic Product Marketing for OpenText Business Network. Mark leads the product marketing efforts for B2B Managed Services, drives industry and regional alignment with overall Business Network product strategy and looks at how new disruptive technologies will impact future supply chains. Mark also has over 23 years industry experience across the discrete manufacturing sector.

Related: Using Supply Chain Analytics to Transform Business Operations

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