Information - Technology
Information - Technology
At String & Co. we provide a comprehensive suite of networking and managed solutions that utilize advanced software-defined networking and security technologies. We are a leading, next-gen tech company that provides full package of solutions for VLSI & software services with complete ecosystem trajectory, designing and fabrication.
We work with businesses that are interested in web development, online based applications, testing-automation, graphics, multimedia solutions, and networking solutions. We coordinate and enable enterprises to move assets across borders in real-time for remittances, trade-finance and payment processing with versatile global merchants, payment networks, and currency exchanges.
WHAT IS SMART CONTRACT?
“Blockchain Technology has been on an emerging focus for its efficiencies in the trade-finance industry. It has the potential to disrupt the trade landscape by making it easier to reduce disputes and fraud to provide delivery and payment certainty, enable transparency of trade asset movement, and facilitate the flow of trade receivables.
That’s where Smart Contracts play its role. It allows businesses to automatically trigger commercial actions based on its autonomous nature to boost the efficiency by streamlining processes, removing time and the cost of transacting. It terminates any hierarchy in the system. Smart contracts do not require trusted third parties or human intervention in the process, which offers autonomy and independence to the parties. This inherent feature of smart contracts brings other advantages such as cost reduction and process speed.”
HOW IT WORKS
During purchase of agreement, the sale between the importer and exporter is shared with import bank using a Smart Contract on the Blockchain
In real-time, the import bank will have capability to review purchase agreement, draft terms of credit and submit obligation to pay to export bank
Export bank will review the provided payment obligation and once approved, a Smart Contract will be generated on the Blockchain to cover terms & conditions and lock-in obligations
After receiving the obligations, the exporter will digitally sign Blockchain-equivalent letter of credit within the smart contract to initiate shipment
Goods will be inspected by 3rd parties and the customs agent in the exporting country - with all providing their respective digital signature of approval on the Blockchain smart contract
During transit, goods will be transported from Country A to Country B
Upon delivery, importer will digitally acknowledge receipt of goods and trigger payment
Using provided acknowledgement, Blockchain will automate payment from importer to exporter via a Smart Contract
BENEFITS
Proof of ownership: Title available within Blockchain provides transparency into the location and ownership of the goods
Transparent factoring: Invoices accessed on Blockchain provide a real-time and transparent view into subsequent short-term financing
Real-time review: Financial documents linked and accessible through Blockchain are reviewed and approved in real time, reducing the time it takes to initiate shipment
Disintermediation: Banks facilitating trade finance through Blockchain do not require a trusted intermediary to assume risk, eliminating the need for correspondent banks
Reduced counter-party risk: Bills of lading are tracked through Blockchain, eliminating the potential for double spending
Decentralized contract execution: As contract terms are met, status is updated on Blockchain in real time, reducing the time and headcount required to monitor the delivery of goods
Automated settlement and reduced transaction fees: Contract terms executed via Smart Contract eliminate the need for correspondent banks and additional transaction fees
Regulatory transparency: Regulators are provided with a real-time view of essential documents to assist in enforcement and AML (anti-money laundering) activities
“Our mission in the world of IoT is to provide secured global connectivity, improving network performance, agility for businesses that operate softwares, hardware or semiconductor equipments and bridge the gap for the building blocks of tomorrow. We fundamentally recognize the urgency in functional, transparent and integrated-circuit foundry models that are needed to meet the global market demand.”