We at Credore are thrilled to announce that we have successfully submitted our project to the ‘Buidl the Future: A Global Hack for Web3’ hackathon event. Our project focuses on providing a standardised and paperless IT infrastructure for financial supply chain management stakeholders, leveraging blockchain technology and standardisation. We believe that our project will reduce costs, improve efficiencies, and reduce the risk of fraud and errors.
Standards and transparency are essential for financial supply chain collaboration. This is because the lack of standardization and transparency can lead to a number of problems, such as increased costs, decreased efficiencies, and greater risk of fraud and errors.
Standards and blockchain technology can play a key role in improving collaboration within the financial supply chain. Standardisation helps create an agreed-upon format for the sharing of data between the different parties. Blockchain technology can improve greater trust and transparency between all participants in the financial supply chain.
Now a days many leading edge firms are piloting their own blockchain projects in silos. While this can be an exciting experience, there are potential downsides that need to be considered. Data privacy and interoperability are often overlooked when using blockchain, which is why Credore is utilizing Zero Knowledge Proof technology to ensure secure, private transactions on the blockchain. Along with privacy the most notable and widely used standards will ensure interoperability connecting the digital and fully utilize the powerful cross chain feature of Credore.
A crucial element at the base of all the supply chain finance transaction is a commitment to make a payment to other parties in the transaction. A payment commitment in digital form is essential to the success of any supply chain finance transaction. With the DLPC standard released by BAFT, you can now be sure that your payment commitment is not only legally binding, enforceable and negotiable, but also open source and interoperable on any Distributed Ledger Technology (DLT) platform.
Through this hackathon, we have demonstrated a very simple way of issuance of Promissory Note involving two parties which are Buyer and Seller. Buyer will be drawer that means they will initiate the DLPC transaction and in another transaction seller or the Drawee has to accept the DLPC transaction. And once the DLPC is accepted by the Drawee it will be in effective state and Promissory Note will be issued.
A Promissory Note will be represented as a Digital Original. Digital original is an electronic representation of the document, which is cryptographically signed and timestamped. Finally, A public blockchain will act as a digital notary to verify the state and ownership of the digital original document.
Additionally, the potential of cross-chain features of Credore infrastructure has been demonstrated through a successful transaction between a party in XDC Network and its counterparty in Ethereum. This transaction has proven that businesses can now take advantage of blockchain technology without having to put any sensitive data or business workflows at risk.
The successful transaction was enabled by the Credore’s unique cross-chain features, which allows for secure and seamless transactions between different blockchain networks. This means that businesses can now take advantage of a wide range of blockchain-based services without having to worry about interoperability issues.
Overall, the successful cross-chain transaction between the party in XDC Network and its counterparty in Ethereum has demonstrated the incredible potential of the Credore infrastructure. With its secure, trustless, and permissionless services, businesses can now take full advantage of blockchain technology without having to worry about data security or workflow issues.
We are excited to take part in this hackathon event and look forward to seeing the results! We are confident that our project will bring the financial supply chain management stakeholders one step closer to a secure, transparent, and efficient collaboration.