Blockchain firm Hijro has partnered with SAP Ariba, an American software and information technology services company, in order to be an inventory provider of trade assets to the Hijro Asset Distribution Network, which is built on blockchain technology.
“A partnership with SAP Ariba means connectivity into one of the most powerful business networks in the world.” Lamar Wilson, CEO of Hijro, stated. “By connecting this network to the Asset Distribution Network, the first suppliers will have access to working capital through the Hijro Beta.”
According to the reports, Hijro has also opened Trade Finance Beta application for suppliers in the United States. SAP Ariba has discussed its plans to use blockchain technology across its business network and software solutions in a move to foster processes, connect disparate systems, and add valuable applications to its customers. The company revealed this plan during the recent Ariba Live 2017 event that was held in Las Vegas.
Hijro has the potential to drive security, automation, and efficiency in origination, distribution, tracking, settlement, and reconciliation of trade assets including receivables and approved payables. This ability of Hijro allows business networks such as SAP Ariba to connect to the Hijro Asset Distribution Network with the help of developer platform and API layer.
“Hijro’s API will be utilized to tokenize and register digital versions of trade assets originated within the Ariba procurement platform. Our platform will allow purchase and distribution of these assets by a network of funders,” Wilson added.
The Hijro Trade Finance Beta applications are open on its website. The applications and solutions built on the Hijro Network include a multi-bank, multi-lender Asset Distribution Network, flexible working capital solutions for businesses. It also includes a robust suite of APIs allowing integrations to existing trade platforms and business networks.
