Bitcoin-based supply chain platform TEMCO and decentralised last mile logistics platform LogisticsX have announced the signing of a strategic partnership, kickstarting the Global Supply Chain & Logistics Alliance (GSLA).
The partners says GSLA seeks to solve supply chain management problems across the globe by bringing together supply chain and logistics blockchain projects as well as industry experts, citing differences in regulations, culture, language, and business ecosystem that needs to be harmonised.
Among the issues the GSLA seeks to solve is one of localisation when companies expand overseas. No single blockchain project can navigate every detail of the business ecosystem in every country alone. Therefore, through expertise gained from operating in each country’s ecosystem, GSLA partners will seek out a joint solution that will allow for the best practices of each local partner to be shared.
Scott Jaeseob Yoon, CEO of TEMCO, said: “The formation of GSLA is a much-needed step towards solving the global supply chain and logistics problem through blockchain. We are very excited about this partnership and the future of GSLA with companies that will be coming onboard.”
TEMCO is a blockchain-based startup that aims to connect isolated supply chains, developing unique services for the benefit of businesses in the industry. The firm also offers companies with Business Intelligent tool to help them access interconnected data efficiently on the blockchain.
TEMCO recently secured institutional investment from Korea Investment Partners (KIP), a venture capital outfit. KIP has been investing in other companies such as Naver, Kakao, Korbit, DoubleU Games and Bithumb.
Erik Cheong, COO of LogisticsX, added: “We are excited to be working with TEMCO and building the GSLA alliance together with them. Each project has strong business partnerships that are looking to expand overseas and we can help each other to understand and navigate the intricacies of regulations and business environments in each country. We are confident there will be many synergies from working together.”
For its part, LogisticsX is a decentralised platform that says it aims to transform the last mile delivery ecosystem by enforcing global logistics standards using smart contracts to increase traceability, transparency, and reducing friction between all logistics stakeholders and consumers
It recently secured $3 million in a private round of funding from ICON Foundation, De-Block & Bluewhale Foundation, Gilga Venture Capital, Inchain Capital & CRC Capital.