Skuchain, a Silicon Valley startup developing blockchain-based logistics applications, has received funding from Amino Capital, Fenbushi Capital, and Digital Currency Group, according to a report in the International Business Times.
Using the blockchain, Skuchain has developed applications that facilitate business-to-business trading and supply chain finance, including digital letters of credit and scrip payables finance for B2B buyers and sellers. This is accomplished through Skuchain’s introduction of “Brackets” – a smart lock with digital keys or blockchain based release of funds that are conditionally key-signed and triggered by signals.
According to Skuchain, its solution will reduce costs of both suppliers and buyers in trade by disintermediating layers and factors in the supply chain.
With blockchain technology designed to be ledger agnostic, the system currently combines multi-sig addresses and OP_RETURN hashes on the Bitcoin blockchain and Skuchain’s own asset chain technology, as well as utilizes a federated system with trusted and known members.
Skuchain also plans to release an application called Blockice that apparently will enable any party in the supply chain, whether banks, corporations, logistics providers, governments or small businesses, to tap into blockchain enabled utilities such as “notarisation, title transfer, and chain of possession.”