Acudeen Facilitates the First Blockchain-Enabled Invoice Factoring Transaction in the Philippines with OpenPort
Following last week’s exciting news of a partnership between Acudeen Technologies and OpenPort, The Acudeen Team is proud to announce that it had just sold the first ever Blockchain-powered invoice in the Philippines on their marketplace, marking a historic event that has made waves in the logistics financing industry.
OpenPort’s blockchain-enabled logistics solutions seeks to transform domestic distribution in emerging markets and thus the partnership with Acudeen made sense, as the next iteration of their platform called the AssetChain Ecosystem allows their users to place non-invoice based movable assets such as inventory, trademark, warehouse receipts, physical products and the like on their marketplace.
The Use Case for Blockchain in Logistics Financing
By integrating their services, OpenPort and Acudeen are able to accomplish the following feats:
- Acudeen can successfully leverage OpenPort’s technology capabilities to trace the delivery progress of various goods and services from point to point and vice versa for their invoice factoring services availed by OpenPort
- The high risk for financial institutions is mitigated as the transparency and visibility of the blockchain platform helps them come up with more informed decisions
- Their technology can produce cheaper and more accessible financing for small logistics businesses all over Asia
As a proof-of-concept test, one of OpenPort’s users uploaded a blockchain-enabled invoice amounting to 377,384 Philippine Pesos on the Acudeen Platform, and within two hours, it was purchased at a highly competitive price. The invoice was successfully verified without the need to interact with the seller’s payor, showing the potential for ways to provide financing to various SMEs much faster than most solutions available today on the market.
“I have been a transporter for major fast-moving consumer goods companies in the supply chain industry for 15 years now, and I have seen and felt the difficulty of waiting 60 to 90 days before receiving payment. This is caused by major inefficiencies and a lack of visibility that leads to high operating capital and a huge strain on cashflow. That is now changing through the synergy of OpenPort’s and Acudeen’s technology. Using OpenPort’s blockchain logistics solutions and Acudeen’s faster order to cash cycles together adds tremendous value to all stakeholders in the supply chain. OpenPort’s blockchain solutions provide visibility, accuracy and trust for the supply chain. Acudeen leverages this trusted information to provide more accessible financing at lower rates to transporters and shippers. It is with great pride that OpenPort and Acudeen’s partnership is finally solving this crucial issue for our industry.”, said the satisfied user.
“It usually takes 21 hours on average to validate an invoice and verify a transaction and much longer for invoices with big amounts such as the one with an OpenPort client. With Blockchain as the catalyst, within two hours, the invoice was sold and the seller was successfully funded. This proves that there is a pressing need for transparency and visibility in order for both financial institutions and individuals to provide more flexible financing options for SMEs. The partnership of Acudeen and Openport breeds a good business environment for both SMEs and big corporations. The combination of the 2 businesses and the way they both adopted blockchain have proven with this transaction that inclusivity is possible given openness of stakeholders to new ideas and new technology.”, said Fetalino, Acudeen’s CEO.
The combination of the 2 businesses and the way they both adopted blockchain have proven with this transaction that inclusivity is possible given openness of stakeholders to new ideas and new technology.
“We are quickly building up use cases until the 2nd half of the year, so we are very optimistic that massive adoption of our joint services will be inevitable once we make this available to the public.”, he added.
The AssetChain Public Token Sale
As we draw nearer to Acudeen’s Public Token Sale, here are a few things you might want to take note of:
Soft Cap: $10,000,000 | Hard Cap: $35,000,000
Platform: Hyperledger Fabric, Stellar (Dual Blockchain Design System)
Start of Public Sale: May 27, 2018 | End of Public Sale: June 10, 2018
Contributions will be tied to XLM (Stellar Lumens) only. Minimum contribution is 100 XLM and 500 XLM to qualify for the AssetChain Referral Program.
We are currently conducting Bounty Programs (Up to $500 worth of ACU Tokens for free) and a Lottery Program on our Telegram Group: https://t.me/AcuTokenGroup