As the latest company to deploy the use of blockchain for trade finance, TradeIX is rolling out an open-source platform, a solution reports said is the trade industry’s first finance-specific solution of its kind.
The company is launching TIX, reports said Wednesday (June 7), a trade finance platform for larger corporate finance companies and their banks and lending partners.
“We believe that connecting them all within the trade ecosystem will drive tremendous value,” said CEO Robert Barnes in a recent interview with Global Trade Review. He described the platform as an “operating system” for all stakeholders in the trade finance space, alluding to the open source nature of the technology.
“We develop our own applications, and banks and B2B networks can also develop their own applications for interacting with their clients using our technology,” Barnes told the publication.
TIX is comprised of TIX Apps, TIX Developer, TIX Composer and TIX Core, each addressing targeted parts of the corporate finance process. TIX Apps provides the customer-facing services, while TIX Developer provides APIs for developers to take advantage of the technology to create their own solutions. TIX Composer integrates the trade finance aspect of the platform, supporting creation and management of smart contracts and other trade finance interactions, and TIX Core is the underlying infrastructure.
That infrastructure uses a combination of TradeIX’s technology and Hyperledger’s blockchain, the company explained.
“By applying blockchain technology to trade finance, the TIX platform reduces complexity and the number of intermediaries involved, eliminates the settlement, custodian and counterparty risk, and manages credit risks better and more efficiently,” said the firm’s CTO, Andy Berti.
The company said it aimed to build a platform that is flexible enough to meet the various needs of traders, banks, financiers, B2B networks and other actors in the trade finance process.