The developer implemented a blockchain for work with suppliers of construction materials

In the middle of December, 2019 the Hong Kong company Assured Asset Management started the finance solution for control of a supply chain on the basis of a blockchain intended for builder Shui On Group. Suppliers of construction materials will be connected to the Traced Accounts Payable platform (TAP) which will provide not only traceability of deliveries, but also their payment through different banks and financial institutions.

Shui On Group is Shui On Land parent company which market capitalization makes about $1.8 billion on the Hong Kong stock exchange. The Shui On Land subsidiary company which is based in Shanghai is engaged in large-scale projects on development of the real estate in continental China.

Assured Asset Management started the finance solution for control of a supply chain on the basis of a blockchain intended for builder Shui On Group

As well as in all solutions on financing of a supply chain, a starting point is the buyer, in this case Shui On. Thanks to its participation banks can be sure that the provided accounts are legal, and can see when Shui On permits their payment or disputes them.

TAP will register transfer of goods and services and to provide the checked data on participation of suppliers to banks and credit investors that they could finance receivables of suppliers on a credit profile of large enterprise. It solves a problem of MSP which can have no good credit history or any credit rating in general. Theoretically, the blockchain should provide also invariable record of transactions for the purposes of audit and allows to prevent double financing.

Originally Shui On will implement the solution for the suppliers from China. Registration of suppliers of building materials will begin at the end of December, 2019, and for financiers and banks the platform will open in the first quarter 2020.^[1]

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