Project to Watch: Eximchain
The Eximchain project is designed to help companies organize supply chains. The solutions that will be implemented on the platform are aimed at ensuring the possibility of establishing effective and reliable business connections, transactions and information exchange.
The American project Eximchain (Export and import on Blockchain) was founded in 2015 at the Massachusetts Institute of Technology. Since then, its authors have created a set of key-based toolkits to transform the global supply chain by integrating it into a platform. The ideas proposed by the project developers are aimed at improving the transparency of the ecosystem.
A group of 20 experts and consultants is working on the creation of the platform, including:
Hope Lew – Co-founder and CEO, received a bachelor’s degree from Peking University and an MBA from the Massachusetts Institute of Technology, handled international transactions at the Asian branch of UBS for 6.5 years, is the head of the laboratory of the Association of Office Supplies of North America.
Juan Sebastian Huertas -Co-founder and technical director, received a bachelor’s degree in computer science from the Massachusetts Institute of Technology, began studying programming at age 13, previously advised many startups on technical aspects.
Jiang Xu – Business architect, previously worked at IBM for 14 years, with previous roles as executive project manager and enterprise software distribution manager.
Jia Zhang – Business analyst, has been in the supply business since 1994, has been managing global trade finance and international settlement at ICBC for seven years, then took the position of Chief Representative of MS Textiles in China, where she has been working successfully for about ten years.
Strategic partners of the project include:
Main Project Goals
Eximchain’s authors intend to innovate and change the current supply chain organization system by overcoming barriers, strengthening coordination and increasing confidence in cross-border operations using blockchain technology.
The Eximchain platform will offer ample opportunities, from networking with suppliers to inventory management. The product will operate from a public blockchain with a high level of confidentiality. It is ideal for corporate use by supply chain organizations and application developers who need blockchain technology.
All stakeholders involved in creating effective supply chains will be able to more effectively and securely cooperate, carry out mutual settlements and exchange information.
Partnership with YOOsourcing
Eximchain developers have developed a partnership with the YOOsourcing platform, which allows users to verify the authenticity and reliability of suppliers.
Thanks to the YOOsourcing partnership, users of mobile applications will be able to fulfill requests from suppliers directly from the supplier’s company profile. The platform has a built-in verification system designed to ensure the accuracy of the displayed information.
This will allow suppliers using the Eximchain platform to track their requests, promote new products and develop tactics to attract future business leaders. Using the blockchain technology in the platform will increase confidence in accountability, data storage and agreements between suppliers and buyers on the YOOSourcing platform.
Digital coins on the platform will be based on the standard ERC-20 protocol. The purpose of their creation is to act as a valid register for the genesis file of the Eximchain main network. The ERC-20 routers will be distributed across the Ethereum blockchain by the corresponding ERC-20 smart contract. They are repurchased for Eximchain’s internal tokens after the network has been launched.
With the launch of the main network, Eximchain’s internal tokens will be used to pay for network charges, check state changes, and management functions.
They are also designed to access applications built on the Eximchain network, such as smart contracts and products developed using the SDK platform.
Advantages of Smart Contract SDK
The use of smart contracts for developers provides many advantages and opportunities:
Financing. It is carried out through instant and transparent order confirmation and check on the blockchain. Suppliers will be able to receive prepayments, and buyers will be able to use the option of arbitration.
Procure-to-Pay. Users will be able to conduct an audit through a finally agreed contract at each stage of the payment procedure. This process will be carried out in real time via the network without the need for trust and the use of a secure protocol.
Platforms of suppliers or rating agents will be able to use the “Proof of Existence” (PoE) algorithm to control time, check the integrity of documents and other purposes. This will allow independent verification without the need for data disclosure.
Inventory Management. Conducted by sharing real-time demand information to create a supply chain. This will allow participants to improve their inventory plans and automate the alignment process in different registers and systems to save time and reduce costs.
Risk mitigation. Eximchain will allow for real-time dynamic monitoring of processes within the supply chain to ensure the visibility of all operations. Participants will be able to control risks through a single function.
Price and Liquidity
The EXC token price is currently valued at $0.0274281298 (-13.52%), which is equivalent to 0.0002654258 ETH and 0.00000712 BTC. Its 24-hour volume is$18,756 and has an overall market cap of $1,846,090.
Returns since ICO: 0.08x USD, which is equivalent to 0.70x ETH and 0.19x BTC. The token is listed on Bilaxy and Idex.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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