Eximchain, the company bringing supply chains onto the blockchain, hits two key milestones showing positive growth and momentum since completes its first fundraising round
SINGAPORE, May 3, 2018 /PRNewswire/ -- After securing $20 million for their digital blockchain platform that empowers global supply chains, MIT founded startup, Eximchain (https://eximchain.com/) announces today a partnership with YOOsourcing, the sourcing platform that enables buyers to verify suppliers' authenticity, trustworthiness and reliability. In addition to the new partnership, Eximchain also has released a new private testnet, an alternative blockchain used to experiment with its artificial coin. The testnet includes 250 machines across 14 regions globally and has already gone through 8 rounds of trial. Eximchain's supply chain will help prevent businesses from losing trillions of dollars of potential revenue. Last month, Eximchain closed a successful funding round, raising $20 million from strategic contributors including FBG Capital, INBlockchain, and Hashed.
On YOOsourcing's mobile app buyers can perform sourcing inquiries directly from a supply company's profile and reward the positive experiences with a rating system. A crowdsourced factory verification is built into the platform to ensure validity to a displayed businesses identity. By partnership with YOOsourcing, suppliers using the Eximchain platform can monitor their inquiries, promote new products, and grow their reputation to garner future business leads. Eximchain's blockchain network will serve to increase the trust and accountability of data and agreements shared between buyer suppliers on YOOSourcing's platform.
The company's private testnet (https://github.com/eximchain) ensures privacy, scalability and security to the user. It is a public permissioned network with a quadratic voting based governance mechanism to manage consensus participants. Usually, 'distributed' testnet systems, and the tools to manage them, operate in simulated, small, local contexts, posing a problem for enterprises and protocol developers who should require decentralized networks to be scaled elastically through a security hardened service to actually test how the distributed systems they have built will perform a larger, global networking scale.
Eximchain's platform is user-friendly, allowing businesses and enterprises to seamlessly integrate its solutions into existing business processes and applications. Eximchain streamlines supply chain processes by reducing barriers, increasing coordination, and instilling trust in cross-border transactions. Current blockchain technology does not meet the supply chain industry's needs, including public transaction data, uncertain network security, and advanced IT knowledge of the system configuration.
Eximchain showcased a live demo at two events in April; GMIC Global Blockchain Summit in Beijing on 27 April 2018 and World Digital Assets Summit in Singapore on 1-3 May 2018.
Founded in 2015 at MIT Media Lab, Eximchain's mission is to provide blockchain-enabled tools to transform the global supply chain by integrating SMEs and increasing transparency. Pioneering a scalable, public blockchain with privacy for enterprise supply chain applications, Eximchain enables businesses to connect, transact, and share information more efficiently and securely. (www.eximchain.com)
YOOSourcing (www.yoosourcing.com) is based in HongKong and Hangzhou city (Mainland China) and it was founded by an international team from France, India and China. YOOSourcing has developed a distributive solution to bring trust and transparency to international trade. Their open platform can be used by any traders and manufacturers to discover new leads and monitor the full transactional chain, while YOOSourcing+, their white-labeled solution, allows large sourcing offices to build their own private and fully secured platform.