Decentralized digital finance trade platform Contour has completed a pilot blockchain transaction between textile companies Tainan Spinning and Century Synthetic Fiber Corporation in Vietnam, according to a press release.
The release also stated the transaction showcases the business growth in Vietnam and Taiwan.
“As the world adapts to social distancing and post-COVID life, traditional methods of doing business will quickly be incompatible,” said Contour CEO Carl Wegner, according to the release. “The inefficient paper-based processes which have plagued international trade for decades are not fit for purpose. Instead, the future of trade will be without barriers, allowing collaboration across the entire trade ecosystem. The recent transaction has shown how our network can deliver for banks of varying sizes and across different industries. As we move into 2021, we aim to further these goals, delivering an inclusive trade environment for all.”
The release goes on to say that the work Contour did shows the potential for blockchain to interact with traditional companies, as well as the potential to help with “removing barriers in the trade ecosystem and better supporting the opportunities for collaboration.”
With the company’s decentralized network, all parties can access the visibility of the trade, and it becomes certain that no one organization, including Contour itself, is in control of all the data, the release stated. Because of that, banks, importers and exporters can access greater visibility without compromising security.
Contour went live in early October, PYMNTS reported, with Wegner proclaiming it a step forward to a “digital future for trade finance.”
The same month, Contour also collaborated with Mphasis, an information technology services provider, to help expedite the digitization of global trade finance.
In that partnership, Mphasis used its “Front2Back” approach to help the next generation IT with the installation of the Contour network throughout a myriad of businesses, financial institutions and other partners.