Supply Chain Finance platform Traxpay has become the first provider to start live tests of transferable digital finance instruments, which will be legalised by the UK government’s upcoming Electronic Trade Documents Bill.
The electronic trade documents will be managed through the TradeSecure service from quantum computing specialist Arqit, which uses distributed ledger technology to provide customers with referenceable digital finance instruments in the form of a Digital Promissory Note or Digital Bill of Exchange.
Arqit says its provision of both a provable digital original and a unique identifying stamp means the TradeSecure digital finance instruments cannot be tampered with, creating a safe legal promise to pay for goods or services which all supply chain parties can use to conduct trade.
Markus Wohlgeschaffen (pictured), Traxpay’s MD of markets and sales, described Arqit's technology as, 'Highly compatible with our supply chain finance ecosystem and uniquely capable of delivering clearly identifiable, quantum-safe digital finance instruments which are urgently needed in the digital trade era.'
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