ADLT™: Building Trust in Trade Finance
Posted by Gordon Tampol, Principal of GPMS on Tuesday, March 7, 2017
Without a trusted intermediary, there is no guarantee that a seller would receive payment for the goods they sold and the buyer would have no guarantee that they would receive the goods they purchased. By having a bank or other intermediary finance the transaction, both parties can be assured that payment will be executed once the conditions of the contract have been fulfilled.
ADLT™ facilitates that trust by ensuring that contracts are immutable, that the transport conditions of the product and its location are always known by leveraging IoT, and decreases transaction time by interconnecting the systems of each participant; systems which do not readily communicate with each other. In the process, ADLT™ creates a fluid and trusted network that ensures bilateral communication between all of the trusted parties and provides full transparency of the entire transaction without changing an organization’s existing systems or processes.
Transparent, Immutable, Auditable, and Smart, an ADLT™ empowered Trade Finance Network provides the security that all parties require to carry out international trade and provides the comfort of knowing that once the contract is fulfilled that payment can be executed immediately and without delay.
If you would like more information or tips on implementing a Blockchain for your organization or ADLT™, contact us at firstname.lastname@example.org. GPMS offers functional and technical support for Blockchain solutions and ADLT™ and has expertise within Finance and Life Sciences industries. Contact GPMS with any question regarding our Blockchain Solutions. Enjoy!