Eleven01 and Automaxis to work in partnership to introduce blockchain into traditional trade flow.
The two companies will work together to employ blockchain for increasing efficiency in cross-border trade flow.
The Eleven01 team has partnered with Automaxis, a blockchain-based automation company, to traverse through the potentials of the blockchain technology in automating trade flow. Automaxis is building a micro-automation platform on the blockchain to increase the speed flow of commercial data across international borders.
The company aims to acquaint the industry with secure and digitised market solutions through the blockchain and distributed ledger technology. It is working towards the safe, secure, and speedy transfer of commercial data by incorporating trust and real-time transfer of ownership.
In alliance with Eleven01, Automaxis will attempt at reducing the operational time and error in international trade through India’s native blockchain protocol. It will generate digitised and blockchain Bills of Lading on the Eleven01 protocol for faster flow of trade.
“Automaxis is working towards building digitised solutions for industries such as trade finance, banking, and supply chain. We believe that an intelligently-implemented blockchain can curtail redundancy and improve efficiency in the traditional workings of these spaces. The partnership with Eleven01 is an invaluable asset in achieving that. It gives us access to the country’s native blockchain protocol with a flexibility that enables us to build customised solutions for different industries we aim to target. We are excited to work with this proficient team.”, said Pratik Sharma from Automaxis.
Under the partnership, Automaxis and Eleven01 will support each other in extending the use cases of the blockchain technology.
“Eleven01 has been a proponent of blockchain implementation in areas where it can provide valuable solutions. Automaxis is working towards eradicating the delay in communication and operations in cross border trades. We have partnered with them to offer the technological support necessary for achieving this. With this partnership, we aim to take the implementation of blockchain into sectors that can truly benefit from them through products that provide real solutions.”, said Rama Iyer, CTO, Eleven01.
