This interview is part of our new Blockchain In Supply Chain Management series, where we interview the world's leading thought leaders on the front lines of the intersections between blockchain and supply chain management.
In this interview we speak with Cory Skinner, CEO and founder of FactR, to understand how his company is using blockchain to transform the supply chain management business, and what the future of the industry holds.
1. What's the story behind FactR? Why and how did you begin?
CS: After building RoadLaunch.com, we needed a way to deploy smart contract based cross-border settlement. This is where FactR started!
2. Please describe your use case and how FactR uses blockchain:
CS: FactR is built on top of the Stellar blockchain. Stellar is a fast, affordable and secure blockchain. The FactR system is designed to be generic, storing only semi anonymous financial data. Because of this design, third party applications can utilize FactR for their own use case. FactR also has direct ties with RoadLaunch. RoadLaunch bridges traditional software with Hyperledger blockchain smart contracts and FactR to handle commercial invoice factoring. FactR also has its own user interface that allows companies of many industries to connect with Finance partners and start financing their trade. Finance partners can participate by generic fiat-backed digital assets that are exchanged via the Stellar network.
3. Could you share a specific customer/user that benefits from what you offer? What has your service done for them?
CS: Since FactR was developed to be generic, we have not only brought customers into our own application but have also been able to create custom solutions for industry partners. These solutions help these companies by providing insight into operations between themselves and their customers, improving their existing processes, opening up the door to cross-border settlement, and providing them or their customers access to trade finance and invoice factoring.
CS: Right now we cover a small piece of the supply chain. Our combined solution of FactR with RoadLaunch sees the scope of the supply chain from a shipping standpoint. With blockchain technology we can slow expand on this and involve more industry partners to track the full supply chain and provide features at every stage.
5. Where will FactR be in 5 years?
CS: Processing millions in transactions for companies all around the world daily; we will grow out partner and financial footprint to help lower payable/receivable costs for 1000s of global organizations.