Smart contracts enable the continuous flow of transactions and data and, ultimately, fine-grained automation across a supply chain with precise control.
Our Transaction Manager uses Brackets®, cryptographically secure smart contracts governing an entire purchase cycle, to place financial transactions on the blockchain. Using the Transaction Manager, an enterprise is able to digitize its POs, Invoices, Bills of Lading, Letters of Credit or any documentation involved in a supply chain transaction and automate execution of those instruments based off secure triggers on the blockchain. Data feeds, such as forecasts and BOMs currently communicated through point-to-point EDI messaging, can also be incorporated into Brackets. Smart contract triggers on the blockchain can remain partially manual or come from an IOT signal or a set of workflow operations determined by the user.
The Inventory Tracker and the Transaction Manager applications have been integrated through the blockchain to create a one-to-one association of inventory with its specific supply chain transaction. This integration opens the possibility for:
The Transaction Manager and Brackets executed the world’s first trade finance transaction on the blockchain. Since then, Skuchain has integrated with banks’ legacy trade finance systems to facilitate the adoption of blockchain technology in the trade ecosystem. We also continue to lead efforts, along with our partners in the Bankers Association for Finance and Trade, ICC, WTO and other global trade governance bodies, around standards-setting and building the policy and regulatory infrastructure necessary to support blockchain trade instruments such as Data LCs and customs documentation. Our ultimate goal is to realize the vision of global trade on the blockchain.
Examples of applications and modules based on the Transaction Manager include: