Sweetbridge, a decentralized supply chain management tool to enable commerce without intermediaries, announced today that it is building a dual-token system to increase capital liquidity and transparency among supply chain entities. The company also stated that it has added blockchain expert and best-selling author Don Tapscott to its Advisory Group. Tapscott will advise the Sweetbridge team on strategically applying blockchain and cryptocurrency technology for enterprise ecosystems and government use.
The company states that it aims to unlock asset liquidity by creating an economy based on its digital tokens, Bridgecoin and Sweetcoin. Bridgecoin serves as a collateral token that can be exchanged for fiat currency, while Sweetcoin is a discount token that reduces or even eliminates user fees.
According to Sweetbridge, its ability to create a global transaction network of trades across multiple tiers of a supply chain and secure payments shortens the total time liquidity remains outstanding. The Company estimates that the average firm can reduce its borrowing costs by 75 percent and increase liquidity by 25 percent by using the company for settlement. The company states that it is constructing a blockchain-based protocol stack tailored for commerce, addressing many pressing problems that global supply chains face today.
The Company's newest advisor, Don Tapscott, is one of the world’s leading authorities on the impact of technology on business and society. He is the CEO of the Tapscott Group, a think tank that regularly advises business and government leaders around the world and has authored 16 books, including Wikinomics and Blockchain Revolution.
“Blockchain has the potential to transform the way organizations build their supply chains, and I believe Sweetbridge is on the cutting edge of that transformation,” said Tapscott in a statement. “I look forward to collaborating with their team as they improve the way businesses around the world interact.”
Sweetbridge also stated that it's currently touring Asia — Hong Kong, Tokyo, Singapore, Vietnam and Philippines — to promote its business model to local regulators, partners and potential users.
“Sweetbridge is a collaborative achievement with contributors around the world. We hope to bring a sea-change in the global supply chain with Sweetbridge technology to bring in efficiency and transparency,” said Scott Nelson, CEO of Sweetbridge, in a statement.