SIMBA Chain, a cloud-based, blockchain as a service (BaaS) solution, this week is releasing its next version which features the coupling of the Stellar blockchain payment network for cross-asset transfers with SIMBA Chain’s private permissioned Ethereum network for the supply chain.
SIMBA Chain CEO Joel Neidig chose Consensus 2019 for the new release launch for its reputation as the most influential blockchain and digital assets event of the year, with more than 8,000 attendees and thought leaders from around the world. He believes SIMBA Chain’s muscled up blockchain solution has the potential to replace inefficient, cumbersome legacy technologies currently used by global banking and the supply chain industry.
Neidig says Stellar plus SIMBA Chain’s private permissioned Ethereum network for the supply chain has the potential to streamline complex supply chain enterprises by tying digital money transfers with physical goods and communications in real time.
“Simple business transactions such as wiring funds and managing transactions are anything but simple. The lack of visibility masks all types of errors and inefficiencies and is very harmful to business. The Stellar network is a distributed blockchain-based ledger and database that facilitates cross-asset transfers of value such as payments. It allows banks to use fiat currency to transfer funds to another currency or use Stellar’s native currency, Lumens, making the transfer of U.S. dollars to Euros or to another currency simple and without having to support all currencies, which is difficult to do. Adding Stellar to SIMBA Chain’s BaaS model will make it easy to create custom blockchain dApps for banks. In today’s global markets, relying on EDI to electronically manage supply chain transactions creates more issues than it solves. Our new release will enable manufacturers to manage transactions like purchase orders, bills of lading, shipment notices, and invoices and verify payments concurrently via Stellar’s public payment network. It’s a killer solution and the reason SIMBA Chain is developing the next generations of APIs that will make it easy for users, enterprises, and governments to adopt blockchain for their supply chains.”
“We’re looking forward to seeing what efficiencies SIMBA Chain will help unlock with this solution. Their cloud-based platform provides the enterprise with an intuitive path for launching decentralized applications.”