Categories: Blockchain

Chainlink and Smart MFG Build DeFi- Based Supplychain Apps

Smart MFG Tech ltd and Chainlink have come together to introduce Supply-chain applications powered by the decentralized finance (DeFi) ecosystem. Smart MFG is a leading blockchain platform dedicated to supplying chain applications. Chainlink is a market leader in providing oracle solutions to sustain the smart contracts ecosystem globally. Smart MFG and Chainlink announced this new development through their respective Twitter accounts. Chainlink mentioned that this would take DeFi solutions to a new level that will allow the supply chain players to generate revenues by introducing tokens at the purchasing and payments stage of the supply chain.

Smart MFG wrote regarding the collaboration on its blog, stating that this development comes after Smart MFG partnered with SyncFab, a blockchain platform and supply chain enabler dedicated to Industrial setups. Smart MFG partnered with SyncFab to introduce DeFi powered supply chain apps that cater to the global audience.

Leveraging Chainlink’s secure and reliable price oracles will allow our users to access the current market price of a variety of cryptocurrencies, fiat currencies, commodities, and various other assets when building and/or executing finance, payment, and user reward processes.

In addition to integrating Chainlink into the new Smart MFG Tech platform, Smart MFG will look to connect Chainlink with traditional data providers in supply chain and trade finance as a means of bringing their valuable data on-chain through the Chainlink Network.

Daniel Kochis, Head of the Business Development team at Chainlink, mentioned that Chainlink hopes to supply secure and reliable price oracles and decentralized infrastructure so that Smart MFG users are able to integrate aspects of DeFi into the traditional supply chain models for improved efficiency and incentivization for users of blockchain networks.

Hikaru Yuki, Executive Director at Smart MFG Tech, stated that Chainlink integration was an essential next step in establishing a decentralized capital market that fully interfaces with traditional financial institutions. Chainlink Price Feeds will enable the development of various supply solutions like the distribution of rewards, execution of payments, tokenization of invoices, and various other DeFi products for supply chains.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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