The investment division of the logistics giant UPS has made a silent participation in the US enterprise block chain company Inxeption. The company confirmed this in a press release on 16 January.
The plans of Inexption
Founded in 2017, Startup Inxeption plans to use blockchain technology to enhance a variety of business processes, including product design, manufacturing and supply chain management.
Neither party has announced the scope of the strategic partnership whereby Inxeption and the UPS Strategic Enterprise Fund will work together to develop new features for the Inxeption platform in the future.
What do business cutomers need?
“Business customers need secure platforms that protect their customer data and proprietary information while helping them interact and collaborate with their customers,” said Inxeption CEO and co-founder Farzad Dibachi in the news release.
By describing its product as an ecommerce platform for the B2B market, Inxeption joins a growing pool of blockchain initiatives focused on deploying distributed technologies to make complex enterprise systems more transparent.
UPS CMO Kevin Warren said in the press release that “Inxeption’s technology is attractive to UPS because it helps generate new efficiencies for customers using B2B e-commerce platforms.”
Supply chains: the interest of the year?
Supply chains have proven to be of particular interest to companies developing Blockchain solutions in 2019. Last week alone, several blockchain-based supply chain projects for the upcoming World Economic Forum (WEF) in Davos were announced as participants, including cobalt mining and the food sector.
The partnership with Inxeption shows that UPS continues to believe in the potential of the blockchain, although a senior executive predicted last month that the technology would have little impact in 2019.
“We have a small team involved with blockchain, but we’re still looking for the killer application,” said Linda Jojo, executive vice president of technology and chief digital officer, to the mainstream media in December.