In the emerging world of blockchain technology and how it might be used, the word “interoperability” gets tossed around a lot. It’s the idea that the various distributed ledgers that will be adopted throughout the economy will need to be able to speak to one another.
Otherwise, a ledger in one sector will have limited ability to interact with others, and the many types of moving parts needed to have a transaction completed by blockchain technology won’t all be at the table. Jordan Graf, the executive vice president of payment solutions at Triumph Capital, a financial services company that provides factoring services to trucking companies, called it something else: systems integration.
He did so at a joint webinar this past week sponsored by Freightwaves and FleetLocate by Spireon. “Blockchain is not going to be the cure for everything,” Graf said on the webinar.
“It won’t end all disputes. But it is a tool that we can use in how we have our systems integrated in the industry, and it’s really an opportunity for us to create savings in the back office.” Graf’s company, TriumphPay, is a major provider of factoring services, which essentially is a cash advance on expected payment later.
It’s the sort of activity that would expect to be impacted by distributed ledger technology, where numerous middle-level participants would be distinermediated. Graf said a $100 million factoring portfolio takes 50-100 people to operate. Read more from freightwaves.com…
thumbnail courtesy of freightwaves.com