An agreement on a pilot project regarding the integration of blockchain technologies was signed on September 20 between Russia’s chemical giant JSC IVHIMPROM and the Credits blockchain platform.
Blockchain technologies developed by the Credits platform are to be introduced into the supply chain management and sales systems of IVHIMPROM, thus reducing costs and time delays associated with routine workflows. The automation of the systems is also accompanied by the immutability and transparency of all operations with databases. Such an approach will allow IVHIMPROM to accurately track all supplies and deliveries, avoiding any manipulations with records.
JSC IVHIMPROM decided to integrate blockchain technologies to improve the transparency of all interactions with suppliers and third parties. The new system will eliminate trust issues and allow the company to gain a competitive advantage on the market by ensuring faster order processing times.
The Credits platform is one of the leading blockchain infrastructure solution providers on the market and has recently been offering its services on the chemical and petroleum markets. Russian companies are seriously considering the introduction of blockchain technologies on the Credits platform’s basis into their workflow systems as two leading chemical and petroleum processing giants are preparing to announce agreements with Credits.
JSC IVHIMPROM is the oldest chemical production plant in the Russian Federation and has been operating since 1838 from the city of Ivanovo outside Moscow. The range of products IVHIMPROM offers includes motor oil additives and other chemical components for a variety of industries all over the world.
Credits is a decentralized blockchain platform infrastructure offering a variety of advanced solutions for businesses. The platform operates on the basis of the PoA algorithm via smart contracts and offers transaction processing speeds of under 0.1 seconds at costs starting from $0.001 for each transaction.