DEVELOPING A BLOCKCHAIN PLATFORM
FOR INDUSTRIAL SUPPLY CHAIN
Solarnity’s supply chain platform will utilize distributed ledger verification for increased transparency and trust through a tamperproof and fraud less (fraud resistant) system.
Solarnity seeks to provide a platform of conducting supply chain activities between buyer and seller while simultaneously minimizing (and sometimes eliminating) the need for excess layers of banks, escrow agents, and 3rd party counterparties.
Buyers and Vendors (sellers) inherently do not trust one another; cross-border transacting deepens this distrust. Buyers at the SME level typically have scarce funds available and will immediately benefit if more liquidity is freed up from minimizing (or in some cases, eliminating) bank guarantees and their associated costs. Vendors are hesitant to manufacture and ship costly equipment or spare parts without a high level of assurance that they will be properly compensated.
Onboarding to the Solarnity platform provides a level playing field for the Buyers and Vendors. KYC, or Know Your Client, vetting of all users on the Solarnity platform will be vital to ensuring success in users adopting the new banking model.
THE INSPIRATION FOR SOLARNITY
Solarnity was formed in November 2017 as an idea to change the simple, yet highly costly and inefficient, trust envelope that is lacking in cross‑border supply chain transactions. Trust among cross border participants exists primarily through the use of 3rd party bank guarantees, letters of credit and trade finance contracts. Solarnity will introduce selected BlockChain initiatives to eliminate the need for vendors and buyers to continue transacting with such instruments.
Early adoption opportunities rarely present themselves in normal business situations and supply chain initiatives often mirror advances made by others in technology, logistics and globalization. Industry participants tend to be more conservative, innovation laggards that place trust in tried and true practices. Solarnity will move from the garage to the kitchen and become a household name in the corporate world of equipment, machinery and supplies procurement.