Blockchain startup BlockArray partners with FirstView Financial to bring traditional banking to blockchain logistics
BlockArray is a blockchain-based startup focused on providing vertically integrated solutions from the protocol layer to mobile applications for the supply chain and logistics industry. The company just announced it has partnered with First View Financial to enable businesses to run logistics and financial payment through one integrated network.
Founded in 2017 by Micah Osborne and Sam Bacha, the Chattanooga, Tennessee-based startup is focused on delivering enterprise-grade blockchain solutions to the logistics and supply chain management industries. Block Array intends to integrate these payment offerings onto its hyperledger fabric and Ethereum-based products and solutions to enable on-chain usage of traditional financial instruments and payment methods. Solutions like ACH and Wire Transfer will now be available on Block Arrays logistiBlockArray is a leading blockchain technology vendor with expertise in hyperledger fabric, sawtooth, Ethereum, and Bitcoin blockchain networks.
Their Hyperledger Fabric-based blockchain network, Freight Relay, is the first purpose-built industry-specific private and permissioned blockchain network available for supply chain and logistics companies. It enables companies to manage bills of lading, electronic logging devices, chart and track business processes and settle invoices in USD. The Freight Relay network is undergoing beta testing and is available for trial to logistics and supply chain management companies todaycs blockchain network, Freight Relay.
With the partnership, Block Array will soon be able to support wire transfers, ACH transfer, OTC exchange, Crypto-to-Fiat etc., on the Ethereum, Fabric and even the bitcoin network.
BlockArray and FirstView see a host of newfound capabilities adding additional benefits for businesses and consumers:
- Create Token-based Reward Systems
- Smart Contract-based payment triggers (i.e. If This, Then That)
- Unit-of-Account fungible Tokens (i.e. on-chain U.S. Dollars)
- Crypto-to-Dollar exchanges (BTC/ETH)
- Dollar-to-Crypto exchanges (BTC/ETH/ARY)
- Financial Smart Contracts such as Escrow or Multi-Sig
- Load existing or create new debit/pre-paid cards for businesses
- Have Smart Contracts trigger ACH, Wire Transfer or Bank Deposit
There’s also great news for drivers. The partnership adds the ability to send money to family while they are on the road, automatically. In addition, BlockArray and FirstView Financial will be able to deliver same-day payouts for driver detention claims – previously unheard of by industry standards.
Business owners and brokers stand to gain benefits from streamlined processes and networks that let them schedule a pick-up and pay without leaving the UI. Last but not least, accounting departments can leverage the partnership to maximize back-office efficiency – using the platform to track and maintain their balance sheets automatically.
FirstView is an innovative PayTech solution provider excelling at making the process of receiving and sending payments simple, seamless and instantaneous. It empowers its customers to streamline payments and create marketplaces that support person to person, business to business and/or business to consumer transactions through API integration, debit cards, push to pay, alternative currencies and most financial processing networks.