B2B Payments

Eximchain Addresses Supplier Risk With YOOSourcing

Blockchain supply chain management company Eximchain is collaborating with YOOSourcing to enhance supplier risk management.

A press release by the companies this week said their collaboration will enable corporate buyers to “verify suppliers’ authenticity, trustworthiness and reliability.” Eximchain will link its business users to the mobile app offered by YOOSourcing to assess suppliers’ profiles. The platform provides a supplier rating system and crowdsourced factory verification.

The collaboration targets the suppliers themselves: Vendors on the Eximchain platform can monitor inquiries, promote products and strengthen their reputation using YOOSourcing to reach new customers. The partnership enhances Eximchain’s current offering of a blockchain solution that uses smart contracts and tokens to enhance supply chain management and connectivity between buyers and suppliers.

In addition to the partnership, Eximchain also announced the rollout of a blockchain platform for “experiment with its artificial coin.” The private testnet aims to enhance privacy and security for end users built on Quorum.

“We are really excited about the recent developments that Eximchain has achieved since completing our fundraising round,” said the firm’s Co-Founder and CEO Hope Liu. “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.”

Last month, the company, developed in the Massachusetts Institute of Technology’s media lab, announced $20 million in funding from China’s FBG Capital, INBlockchain and Kenetic Capital.

“After experimenting [with proofs of concept] on Ethereum or private blockchains, the enterprise world is looking for technical solutions that can be deployed immediately to solve real supply chain problems,” Liu said in a statement at the time. “There is a huge potential for blockchain technology to revolutionize supply chain processes, and we are all excited to see the progress that Eximchain will help bring to this industry.”

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