Yesterday, Chain-Finance held its Distributed Ledger and Trade Finance event in London. Focussing on the potential of blockchain technology to renovate and simplify supply chain management and finance, amongst other things, the conference discussed issues such as improving speed and efficiency, securing shipments and legal documents as well as barriers to the adoption of the technology.
After a brief introduction to blockchain technology and cryptocurrencies in general, Chain-finance’s Hans Lombardo took the floor to provide an overview of the ‘blocktech’ start-ups tackling supply chains and trade finance. Noting some of the problems in trading, such as the requirement to send physical copies of bills of lading in triplicate or even quadruplicate for shipping, Lombardo introduced start-ups such as Skuchain, Cargochain, Blockfreight, Fluent, Wave and Zerado, who would be speaking later. Solutions from these companies ranged from smart contracts which govern trade agreements to tracking of shipping containers. The interest and potential in these areas were highlighted by Fluent’s funding reaching $2.5 million earlier this year.