Centrifuge partners with Elemica to Enable Digital Finance on an Open Protocol
Centrifuge Provides Access to Open Finance Infrastructure, Freeing Elemica to Focus on Core Competencies
Centrifuge is excited to share recent developments resulting from our ongoing collaboration with Elemica. Centrifuge, the Operating System for the financial supply chain and Elemica, the leading digital supply network for the process industries, announce a partnership to create a blockchain- based visibility and financing offering. Our teams have been working diligently to bring about core components needed to improve transparency, automation, and optimization in global supply chains.
Elemica and Centrifuge are addressing the specific challenges and use cases of blockchain technology for the supply chain industry. The transformation of products from petrochemicals to basic chemicals to final OEM manufacturers goes through multiple cycles which pose significant challenges in terms of end to end visibility and transparency, at every stage. The partnership allows 3rd parties to leverage the technology to build, host and use their own applications in a centralized or decentralized manner, which will benefit all users of the Elemica network.
“The process manufacturing industry is evolving by seeking an interconnected approach between Blockchain technology and their current focus on Industry 4.0 and Digital transformation based initiatives,” said Arun Samuga, CTO, Elemica. “As such, different participants in the supply chain can trigger participation through a blockchain solution if their activities are modeled through distributed ledgers and smart contracts.”
“This makes supply chains more efficient and more resilient to risk by enabling end to end visibility.”
Centrifuge is actively working with Elemica to build a network and collaborative space to solve the challenges of decentralized finance. Centrifuge and Elemica will work together to enable supply chain finance, improve supply chain processes and explore various additional use cases, making transactions more manageable and easily authenticated. Centrifuge, through their open and decentralized blockchain protocol, provides access for all network participants to those services.
“In the process industry, there is a tremendous amount of time and effort spent on creating and enforcing contracts, auditing payments, reconciliation, and legal proceedings. The Centrifuge Operating System enables a trustless environment with distributed ownership of data”, said Martin Quensel, Co-Founder of Centrifuge. “If data or assets can be tokenized, they can be used for automated governance through smart contracts and for transfer of finances so they are not investing efforts in contracts and financing.”
Centrifuge is partnering with Elemica in our shared mission of providing businesses with access to a wide array of services. Providing the Elemica network with a single-source-of-truth for business documents, all relevant data needed to trigger actions is instantly available.
Elemica is the leading Digital Supply Network for the process manufacturing industries. Elemica accelerates digital transformation by connecting, automating, anticipating and then transforming inter-business supply chain processes for the products they buy, sell, and move. Launched in 2000, customers process over $500B in commerce annually on the network. For more information, visit www.elemica.com.
Centrifuge is an open, blockchain based protocol to connect the global financial supply chain. It allows any business to transact while maintaining ownership of their data, including their validated company details, their reputation, business relationships, and subsequent transactions.
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