Graeme Kelly, CTO at Digital Commodity Exchange (DCX), explains how DCX commodity platforms harness the power of distributed ledger technology (DLT) to remove the frictions that complicate the field-to-fork supply chain.
Traceability - all communications, contracts, amendments and inspection certificates are open to the respective parties along the supply chain and stored in the form of audit trails, removing the need for the use of multiple communication platforms to maintain a single source of truth.
Trust - standards and controls are inherently built into the processes. Documentation, correspondence, contracts, inspection certificates, finance documents, shipping requests and proof of payment are stored in a single source of truth ledger and each is marked with a unique hash. The ledger is immutable, idempotent and allows easy validation in order to demonstrate provenance and originality.
Speed and efficiency - digitalising workflows and processes. DCX offers users and service providers efficiency. DCX platforms remove the traditional pain points around documentation and eliminate the errors from manual inputs that result in trade delays. Users receive the goods and payment quicker and can access third party services without the need to re-present documents as these are stored on the ledger and available to authorized parties.