MOUNTAIN VIEW, Calif., Jan. 24, 2018 /PRNewswire/ -- Skuchain, Inc. and NTT DATA jointly announced today that they have just entered into a partnership to empower enterprise supply chains with blockchain to extract maximum value from the $18 trillion dollar market for global trade.
In the same way the Internet gave birth to e-commerce, blockchain provides the foundation for collaborative commerce, in which enterprises are uniquely able to work together to unlock gains while also expanding their control across the supply chain. Skuchain has developed the tools to realize this vision.
Numerous friction points hamper international commerce, including the complicated and opaque mechanics of trade, paperwork, manual processes and divergent standards. Above all, supply chains are held back by imperfect and asymmetric information because vast pools of data are unavailable to parties to a cross-border transaction. This inability to coordinate leads to increased costs, market failure or the absence of markets where they would add enormous value. Skuchain uses the blockchain to solve these problems and is excited to work with a like-minded technology partner in NTT DATA.
Under the partnership, Skuchain and NTT DATA will finish building an integrated blockchain IOT platform that combines Skuchain's blockchain-based EC3 platform with NTT DATA's iQuattro platform for systems integration. The result is a commercial solution for enterprises that captures the value hidden in their large supplier base with secure logistics management, cash flow relief and collaborative inventory planning. This integrated platform will be jointly marketed by Skuchain and NTT DATA to enterprises in Japan and other markets and deployed across their global supply chains.
The integrated blockchain IOT platform uses the transformative potential of cutting-edge blockchain technology to manage and optimize all aspects of the supply chain. That includes Skuchain's Popcodes® app for tracking and tracing goods that provides greater visibility and, more importantly, greater control over the supply chain. In addition, Skuchain's Brackets® smart contracts app enables the continuous flow of transactions and data and, ultimately, fine-grained automation with precise control.
These foundational technologies enable companies to turn their inventory from an illiquid asset and balance sheet burden into a blockchain asset that generates cash flow relief and reduced COGS.
Underpinning all of this is Skuchain's Zero Knowledge Collaboration® technology, which solves the information gap in the supply chain without sacrificing privacy so that companies can plan with unprecedented precision and turn firewalled information into capital. Importantly for companies adopting this technology, the blockchain-specific infrastructure needs, such as bootstrapping a network and adding policies, organizations and customized smart contracts, are baked into the application stack, allowing suppliers to onboard with one click.
As a first step in the partnership, Skuchain and NTT DATA completed a pilot with a large Japanese company and their supply chain in China using Skuchain's Popcodes® track and trace system. Additional pilots are underway with other Japanese conglomerates, including for smart contract governance and inventory financing.
Founded in late 2014, Skuchain pioneered blockchain for the supply chain and executed the first trade finance transaction on the blockchain. Since then, it has been deploying its end-to-end supply chain solutions across Asia, Europe, the Americas and Africa. NTT DATA is a premier systems integrator for supply chains because of its technological expertise, geographic scale and deep understanding of customer needs and operations. With a shared passion for the innovative power of blockchain, these companies will join efforts to bring about the new supply chain.
About Skuchain, Inc.
Skuchain is a blockchain technology company that provides transparency, security and efficiency to the supply chain, enabling optimal planning and agility for downstream buyers and working capital relief for upstream suppliers. Skuchain's agile solution suite has been adopted across aerospace, food and agriculture, electronics, energy, auto, finance and other industries. For more information, go to www.skuchain.com or email firstname.lastname@example.org.
About NTT DATA
NTT DATA (TOKYO: 9613) is a leading IT services provider and global innovation partner headquartered in Tokyo, with business operations in over 50 countries. Its emphasis is on long-term commitments, combining global reach with local intimacy to provide premier professional services varying from consulting and systems development to outsourcing. For more information, visit www.nttdata.com.
SOURCE Skuchain, Inc.