Foxconn Subsidiary Debuts Blockchain-Powered Supply Chain Platform

A subsidiary of one of largest electronics manufacturers has partnered on the launch of a new blockchain-based supply chain finance platform.

By Stan Higgins

Mar 6, 2017 at 5:57 p.m. UTC

Updated Sep 11, 2021 at 1:08 p.m. UTC

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Secure Your Seat

Stan Higgins

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Secure Your Seat

A subsidiary of one of the world’s largest electronics manufacturers has partnered on the launch of a new blockchain-based supply chain finance platform.

FnConn, the financial services arm of Taiwan-based Foxconn, launched the platform alongside Dianrong, a Chinese online lending marketplace. Dubbed Chained Finance, the platform is aimed at providing working capital to smaller businesses involved the manufacturing supply chain. According to the two firms, a previous proof-of-concept involved the issuance of loans worth $6.5m to a group of unnamed companies.

Chained Finance has an initial focus on the automotive, electronics and garment production industries, though FnConn and Dianrong indicated that this scope could be widened in the future. The new company employs 40 people, representatives for the firm said, a number expected to rise in the months ahead.

Jack Lee, CEO and executive director of of FnConn, said in a statement:

"By using the Chained Finance platform, every payment, every supply chain transaction, can be more transparent, manageable and easily authenticated. Chained Finance will provide timely, efficient support to far more suppliers of all sizes. It will also help ensure the timely delivery of products to end customers and improve efficiencies across the entire supply chain."

Both FoxConn and Dianrong have worked with the tech in the past.

FoxConn is one of a number of Fortune 500 firms working on a blockchain-based Internet of Things concept. Dianrong, by comparison, joined the Linux Foundation-led Hyperledger blockchain project in December.

Founder and CEO of Dianrong, Soul Htite, said in a statement:

"Chained Finance creates a unique ecosystem that will provide supply chains with easier access to funding at competitive rates."

Image Credit: 360b / Shutterstock.com

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Stan Higgins

Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.