Supply@ME picks SIA’s blockchain to host new fintech platform
A new blockchain-based service to help firms dispose of their unsold stock will be launched by Supply@ME and hosted on the SIAchain infrastructure, reports Jane Connolly.
Supply@ME developed the Inventory Monetisation service to help companies create value from their unsold stock. Using advanced tools such as ‘smart contracts’, the stock is sold off to companies set up directly by Supply@ME in various European countries with a global reach.
SIAchain was created by SIA to support financial institutions, corporates and public administration bodies in the secure development and implementation of applications based on blockchain technology.
The infrastructure counts on around 570 network nodes in Europe of SIAnet, the high-speed, low-latency fibre optic network that covers 186,000 kilometres.
“Thanks to this new partnership with Supply@ME, SIAchain confirms its role as the leading blockchain architecture in Europe, developing and supporting the launch of mission-critical applications, featuring high performance and security, associated with a clear model of governance,” says Daniele Savarè, SIA innovation and business solutions director.
He adds: “This initiative will further enable us to innovate SIAchain, which today is also able to handle applications based on the Hyperledger Fabric platform, as well as those developed on R3’s Corda and Ethereum.”
Supply@ME is the scale-up of the Avant Garde Group. Alessandro Zamboni, CEO of both, adds: “Our funders require from us transparency and resilience; in short, reliability. We are delighted to be working with SIA to create the world’s first infrastructure enabling firms to invest – in a highly innovative way offering the highest levels of data assurance – in the key factor for every company: its inventory, the most significant part of their working capital.”
Milan-based Supply@ME is soon to be listed on the London Stock Exchange.