Blockchain technology begins to deliver working products, Trusple launched by Antchain

Are we finally emerging from the valley of uncertainly, and into the rising plateau of post-hype in terms of what blockchain-driven solutions can achieve? Antchain would argue that this is now the case.

Antchain, the blockchain arm of the rapidly growing Antgroup have now launched Trusple. This blockchain based technology aims to be an international trade and financial service platform to help reduce friction and barriers to trade for medium to smaller companies  to sell their products and services to customers around the world.

They also state that it will reduce costs for financial institutions who wish to be part of the ecosystem. As China already moves rapidly to a cashless society – currently 80% of transactions are already done digitally – it makes sense to see initiatives like this emerging.

Speaking with the Antchain team, they explained in more detail how it will work.

“Based on the concept of “Trust Made Simple,” Trusple works by generating a smart contract once a buyer and a seller upload a trading order on the platform. As the order is executed, the smart contract is automatically updated with key information, such as order placements, logistics, and tax refund options.”

This does potentially offer the possibility of faster, more reliable trade, ideally with less potential for lost or undelivered orders. They then furthered explained how they are using the smart contract concept to help deliver more effective business solutions.

“Using AntChain, the buyer’s and seller’s banks will automatically process the payment settlements through the smart contract. This automated process not only mitigates the intensive and time-consuming processes that banks traditionally conduct to track and verify trading orders, but also ensures information is tamper-proof. Further, successful transactions on Trusple enable SMEs to build their creditworthiness on AntChain, making it easier for them to obtain financing services from financial institutions.”

It will be interesting to see how quickly this business solution will be adopted but it does continue to suggest that China, and the Antgroup’s Antchain division among others, remains the place to watch in terms of innovative blockchain based business solutions.

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