IBM, INVICTUS Collaborating On Blockchain Procurement

Singapore-based INVICTUS is leveraging IBM technology to develop an eProcurement platform, reports said Friday (March 17).

The FinTech is developing an Order, Logistics & Payment platform in an effort to disrupt the procurement process and streamline ERP.

“INVICTUS offers more than an eProcurement platform,” said the company’s chairman, Lim Soon Hock, according to reports. “We focus on taking the chronic pain out of the last mile of a transaction by expanding access to financing from third-party liquidity providers in addition to banks. Through our blockchain smart contract technologies and working collaboratively with IBM, we hope to disrupt this last mile by enabling secure and cashless financing as early as the PO stage.”

IBM’s Bluemix Garage, a support system for developers and entrepreneurs, is lending its resources in Singapore to INVICTUS to develop a prototype of its solution using Hyperledger Fabric technology. The company said it will target streamlining transactions between SMEs, suppliers and banks.

“Blockchain technology presents opportunities for disruptive innovation,” stated IBM Blockchain & Bluemix Garage practice lead for ASEAN, Alan Lim, in another statement. “It enables businesses to transact with less friction and more trust. Through IBM Blockchain, we are empowering businesses to digitize transaction workflow through a highly secure, shared and replicated ledger. We have seen significant success in the work we have done with startups and how it has benefitted both their business and their clients.”

IBM has strengthened its exploration of blockchain, launching a blockchain ecosystem late last year as a program to help innovators build solutions using the technology.