Indian specialty glass manufacturer Piramal Glass launched a cross-border trade project on blockchain. The initiative uses the enterprise blockchain solution from fintech dltledgers focusing on transactions across the manufacturing supply chain.
While dltledgers has grabbed headlines for processing large volumes of trade finance transactions, the core of its offering is a supply chain traceability solution.
In the first phase of the project, Piramal Glass wanted to determine the benefit of digitizing transactions across the supply chain. In addition, the glass manufacturer aimed to establish whether the technology could deliver transparency while protecting confidential data.
Another purpose in common with many manufacturers worldwide is the ability to use blockchain to demonstrate sustainability in its supply chain. That’s especially important because Piramal mainly provides glass packaging, so bottles for pharmaceuticals and also cosmetics and perfume containers.
“The most obvious benefits were the increased level of transparency and auditability between stakeholders in the supply chain, as well as a reduction in manual processes,” said Sudip Mazumder of Piramal Glass. “We were also pleasantly surprised to find that the platform created a sense of urgency, speeding up key business processes, improving collaboration, and even increasing confidence among customers”.
The project is entering the second phase, where the focus is to create a private digital network across participants in its supply chain and increase visibility into manufacturing processes.
To deliver the solution, dltledgers’ enterprise blockchain platform will be connected to Piramal’s existing SAP systems, enabling transactions with multiple global suppliers and buyers.
In the future, Piramal also expects the solution to incorporate sustainable practices, document transfers, authenticate documents and other use cases.
Meanwhile, dltledgers’ platform is gaining significant ground in supply chain digitization and trade finance. Founded in 2017, it hit the mark of $1 billion of processed deals in trade finance two years ago. A little over one year later that figure surpassed $3 billion. The platform was involved in a successful proof of concept for the Trade Finance Registry in Singapore involving Standard Chartered and thirteen other banks. In India, dltledgers has a partnership with FarmFirst’s developer Freshstack Technologies to enable digital trading on its digital marketplace.
Its solution is based on the Hyperledger Fabric enterprise blockchain.