IBM has announced that it is collaborating with Singapore FinTech start-up Invictus to leverage IBM cloud and blockchain technologies for their Order, Logistic & Payment (OLP) platform.
The platform aims to help businesses reduce wastage, redundancy and cash-flow issues in their transaction processes by disrupting the supply chain management cycle with blockchain smart contract technology.
As part of this collaboration, Invictus is also working with the IBM Bluemix Garage in Singapore to design a distributed ledger platform prototype on the Hyperledger Fabric, aimed at managing transactions between small and medium enterprises, suppliers, banks and other liquidity providers.
As a founding member of the Linux Foundation’s open-source Hyperledger Project, IBM is helping to build the foundation for business-ready blockchain architecture with a focus on privacy, confidentiality and deliver amazing experiences to their customers by helping them identify and build the right app on Bluemix.
“Invictus offers more than an e-procurement platform. 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,” said Invictus chairman Lim Soon Hock. “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.”
“Being a start-up ourselves, we know running an enterprise with limited resources can be challenging. Working with the IBM Bluemix Garage team has been an eye-opening experience in showing us how companies can benefit from technologies such as blockchain which has the capabilities to improve operational efficiency and reduce transaction risks,” added Jeffrey Lam, Invictus’ COO and VP of sales.
“Blockchain technology presents opportunities for disruptive innovation. 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.
Alan Lim, practice lead for IBM Blockchain & Bluemix Garage, ASEAN, said the company has seen “significant success” in the work it’s done with startups and how blockchain has benefitted both their business and their clients.