S Chain Labs Reviews | Bizofit Innovation Platform

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“The process of warehouse receipt financing today is highly manual and requires the reconciliation between
several independent records of each actor involved – Farmer, Loan Issuing Bank, Warehouse, etc. It
typically involves a combination of processes, data and documents spread out across multiple
departments. The workflow is time consuming involving replicated business logic at each stage which can
be automated.
The receipts can be easily tampered with , i.e , compromised transactions. Lots of room for fraudulence
due to absence of uniqueness for transactions and documents(copies of documents can be produced).
Banks have been the major victims for this particular pitfall. Being a trusted network, in case of any mishap
from one of the actors will lead to a total collapse of the system.
Blockchain can act as the shared source of truth and workflow engine to automate the warehouse receipt
financing process and provide cryptographic proof of actions and performance. Permissioned Blockchain
tech promises the following strong aspects required for any successful financial network
-immutable records/transactions
-distributed ledger system
-reliable smart contracts

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