The decentralized digital finance business platform Contour has completed a pilot blockchain transaction between textile companies Tainan Spinning and Century Synthetic Fiber Corporation in Vietnam, according to a press release.
The press release also said the transaction showcases business growth in Vietnam and Taiwan.
“As the world adapts to social distancing and post-COVID life, traditional ways of doing business will quickly become incompatible,” said Carl Wegner, CEO of Contour, according to the statement. “The inefficient paper-based processes that have plagued international trade for decades are not appropriate. Instead, the future of commerce will be barrier-free, enabling collaboration across the entire business ecosystem. The recent transaction showed how our network can contribute to banks of different sizes and in different industries. As 2021 approaches, we aim to achieve these goals, creating an inclusive business environment for all. ”
The statement goes on to say that the work being done by Contour shows the potential of blockchain to interact with traditional businesses, as well as the potential to help “remove barriers in the business ecosystem and better support opportunities for collaboration.”
With the company’s decentralized network, all parties can access commerce visibility, and it becomes certain that no organization, including Contour itself, controls all data, the release said. As a result, banks, importers and exporters can access greater visibility without compromising security.
Contour went live in early October, PYMNTS reported, with Wegner proclaiming it a step forward towards a “digital future for trade finance.”
That same month, Contour also worked with Mphasis, an information technology services provider, to help accelerate the digitization of global trade finance.
As part of this partnership, Mphasis used its “Front2Back” approach to help the next generation of IT install the Contour network in a myriad of businesses, financial institutions and other partners.