Centrifuge tackles late payments with blockchain-based system

Monday 12 March 2018 00:33 CET | News

Centrifuge has announced the closing of a USD 3.8 mln financing round, which was led by Mosaic Ventures and BlueYard Capital.

Started by the founders of Taulia, Centrifuge is developing a decentralized, blockchain-based protocol which aims to rethink how businesses transact with each other, in a more efficient and open way. Invoicing as we know it, and more importantly the resulting delays in payment and access to liquidity will be solved  by liberating the data from today’s siloed systems.

Centrifuge is growing its engineering and product team in Berlin, Germany, while commercial activities are based in San Francisco, the US.

A new open B2B commerce protocol with the tools to fuse traditionally walled-off silos of business data and business logic on a public, decentralized network can create value and facilitate a number of new use cases and applications, including a more open marketplace for funding supply chain members and smart contracts that make payment when goods are delivered or services are performed.

Centrifuge is building the operating system to power the financial supply chain. Centrifuge is an open, decentralized operating system, which provides a protocol to connect all business worldwide. It allows participants to transact on a global network while maintaining ownership of their data, including their validated company details, their reputation, business relationships, and subsequent transactions. The Centrifuge OS is open to be used by third party service providers to create, consume and interact with the data within the financial supply chain. This allows easy creation of apps and functionality on top of the protocol and its data.

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Keywords: Centrifuge, Taulia, blockchain system, financing round, invocing, supply chain finance, late payments, Germany, US, smart contracts
Categories: Banking & Fintech
Countries: World
This article is part of category

Banking & Fintech