essDOCS works with Swisscom to launch Blockchain solutions

essDOCS, a digital commerce platform, has announced a partnership with Swisscom Blockchain to help it develop a series of blockchain applications in the coming year.

partnership essDOCS with Swisscom

Meanwhile, essDOCS 'mission is to enable paperless business through digital solutions. He believes the blockchain will help him offer added value to customers.

EssDOCS CEO Alexander Goulandris says companies will offer "high-value blockchain solutions" such as traceability, cross-platform connectivity and solution data distribution.

The partnership will allow both companies to exploit their mutual competences – essDOCS in digital trading, while Swisscom Blockchain in the development and design of distributed accounting applications. essDOCS confirmed this statement in a statement, stating that the two companies "will leverage their respective resources and expertise to enable companies to digitize their commercial and commercial processes quickly, efficiently and with minimal friction".

The tests have already started on the first collaborative product, but will be officially launched in the first quarter of 2018. The first goal of the blockchain solution from the partnership, according to the CEO of essDOCS, is to build transition technologies with the ultimate goal of develop a secure and automated digital business platform.

Furthermore, commenting on the partnership is Daniel Haudenschild, CEO of Swisscom Blockchain. He says that companies can "release the true potential blockchain and that digitalisation must offer to the community of commerce, commercial finance and logistics".

Blockchain In Trade Finance

The characteristics of the blockchain as a decentralized technology make it ideal for the commercial industry. Blockchain technology is expected to reduce the time and documents needed for routine financial transactions in commercial finance. Specific blockchain solutions can simplify the verification and monitoring of each phase of transactions and the transfer of resources.

At the beginning of the year, the Financial Times reported that the Hong Kong Monetary Authority stated that it would enter into force with a commercial platform blocked by blockchain intended to connect with 21 banks, including HSBC and Standard Chartered.

In addition, Bolero, a competitor of essDOCS, has been working with the blockchain R3 company for more than a year. He is giving his electronic bill of lading service a blockchain upgrade.

Several technology startups have emerged to use blockchain technology to transform the business of commercial finance. One of the first of these companies is the Israeli startup Wave. In 2016, it completed the commercial transaction in bulk with Barclays. In addition, he is currently working on the release of a commercial bill of lading solution.

In 2017 TradeIX collaborates with R3 and the Marco Polo initiative involves international commercial banks. They aim to develop the use of distributed register technology in commercial transactions.

More recently, Maersk announces an operating partnership with IBM. Basically, to build and expand TradeLens, a blockchain solution. Furthermore, this will allow users in the shipping ecosystem,

• Interact efficiently
• Access shipping information in real time
• Digitize and exchange commercial documentation

However, some companies that refuse to join TradeLens create the Global Shipping Business Network (GSBN) in November 2018. Nine companies – including the main carriers of COSCO, CMA CGM, Evergreen Marine, OOCL and Yang Ming are on the platform.

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