Seven Stars Cloud Group, a company targeting supply chain solutions for businesses using an Intelligent Industrial Internet platform, said it is readying to launch its Asset-Backed Securitization, Tokenization and Exchange Platform (ABST).
The company announced news on Friday (Sept. 29) that the platform will roll out in the fourth quarter of this year. The platform, without the tokenization module, will launch in China, while the entire ABST platform will launch globally.
The solution is developed to provide enterprises with artificial intelligence (AI) and blockchain technology to reduce the cost and manual processes of global trading, including international payments and securities settlements. The solution will also look to heighten transparency of supply chains.
The Asset-Backed Securitization, Tokenization and Exchange Platform will also include modules to provide regulatory compliance solutions, including what it says is the “highest level encryption.” After the platform launches, Seven Stars Cloud Group said it is planning to partner with “a world-leading technology platform that provides quantum encryption and cryptography,” although it did not reveal who that partner would be.
The company also provides supply chain financing solutions with loans underwritten by both the Global Cornerstone Funds platform and the ABST platform. Securities on the ABST platform will be backed by true assets, the company explained.
Seven Stars Cloud Group isn’t the first to use blockchain for supply chain solutions. A research report released last month found that corporates are increasing their awareness and knowledge of blockchain technology. Data from Juniper Research found that 56 percent of companies that staff at least 20,000 employees are considering or already deploying blockchain solutions. More than 80 percent said they had at least a “little” understanding of blockchain.
Nearly a third of survey respondents said settlements and international payments are their top area of focus for blockchain solutions, while an additional 10 percent identified supply chain management and tracking.