Sweetbridge is an open source second layer blockchain-based financial system that utilises a triple entry accounting protocol to provide continuous assurance and real time audit of accounting treatments and financial statements. Sweetbridge’s foundational protocols will provide cheaper cost of capital, near instant payments, reduced error rates whilst making any type of fraud all but impossible, for the entire value chain including major retail brands.
Not only do the Sweetbridge protocols enable OrganiMark to connect the economics of the farmer with the opportunities of global brands, but this solution will also act as a driver for businesses within the cotton value chain to engage more effectively in delivering the UN’s Sustainable Development Goals (SDGs).
The SDGs propose a new development pathway based on partnerships between governments, civil society, and businesses, with the aim of transforming our societies. Since conception however, barriers to business engagement have been identified, including lack of visibility, no data or incentives creating a viable business case for their delivery. The combination of OrganiMark’s Integrated Value Chain business model and Sweetbridge’s blockchain solution addresses these, bringing a lower risk and thus lower cost of capital to good actors using tokenized assets and incentives to reward the right behaviours from the start of the value chain right through to the consumer.
"Sweetbridge offers a better solution at a lower cost than traditional finance institutions, which is what caught our attention immediately. It brings the benefit of crypto-economics and blockchain, combined with a global go-to marketing strategy, that we believe will not only boost our best practice delivery in South Africa, but across the globe, and will enable us to deliver the services our clients are looking for at scale in our core business of cotton but also in other commodities in the future," Heinrich Schultz, CEO of OrganiMark, said.
"OrganiMark’s integrated value chain programme and supporting platform are unique in their ability to deliver forensic level of traceability across an entire industry from resource to retail. The world-class services of sustainable category management, supply chain optimisation and finance that they already deliver blend very well with our business and offer an excellent use case for us to be able to prove out the wide-ranging impacts of our protocols across every tier of an extremely complex and important global value chain," Scott Nelson, CEO & chairman of Sweetbridge, said. (RR)
Fibre2Fashion News Desk – India