CommChain has successfully developed a digital platform based on permission-based distributed ledger technology that securely links buyers, sellers, ship owners, port agents, laboratories and other participants along the supply chain to manage bulk commodity transactions in real time.
CommChain offers customers a secure digital solution for the execution of trade settlement. The platform simplifies and enables the trade settlement process by replacing cumbersome and flawed paper-based systems with advanced blockchain technology.
Buyers, Sellers and Shipowners can network directly to draft and finalise digitised Contracts of Carriage.
Digitised commercial invoices are automatically calculated and delivered instantly to buyer’s internal systems supported by laboratory certificates.
Eliminating the need for archaic paper-based documentation, CommChain’s blockchain-based solution offers a suite of features that are designed to reduce the inefficiencies and time delays in bulk commodity trading.
The secure blockchain environment mitigates ownership risks and data manipulation and business can minimise the impacts of external disruption to commodity supply chains.
Rapid Settlement Times
Immutable and Secure
Real-time permission-based collaboration
Advanced distributed ledger technology and associated encryption benefits ensures security of data and enables collaboration between trusted parties.
CommChain is built on top of R3’s distributed ledger Corda technology. Using Corda, Commchain is enabling a private permissioned network for all stakeholders in the bulk commodity trading industry.
Participants can share information between multiple parties on a “need-to-know” basis.
Immutable data and consensus between parties reduces the opportunity for fraudulent activity and dispute resolutions.
Simple and adaptable user interface
CommChain offers a simple platform designed and adapted for multiple user groups.
Seamless integration with participant host systems ensures rapid adoption and facilitation of logistics and trade completion.
CommChain has built portals for participants to join and utilise the network with minimal effort and aligned to stakeholder type.
The portals can be used as a SaaS service together with the middleware or as a reference for integrating the middleware with existing systems. The solution is hosted on Azure and secured with Microsoft Azure AD.
Simple and secure dataflow
The CommChain platform is built on blockchain technology which is one of the world’s most secure record keeping systems.
Blockchain ensures that transactions are immutable ensuring that they cannot be falsified or hacked and the decentralised nature of the technology ensures that parties can transact safely.
Embedded processes and smart contracts facilitate the execution of data transfer in the logistics chain to ensure accurate and secure processing of logistics and trade settlement activities.
CommChain automates data flow between participants in the supply chain through Cordapps deployed to Corda Nodes representing each participant in the network.
CommChain also provides a Middleware layer which enables the participant systems to access the Cordapps in their node and initiate the transactions flows through prebuilt REST APIs.
What is a Distributed Ledger?
A blockchain is made up of a series of blocks containing validated transactions
Each block is attached to the previous block, thereby making it extremely difficult to corrupt, helping to combat fraud and allow for accurate and complete information
This chain of blocks is then stored and shared on a permission basis across the network, enabling a distributed ledger