Major Russian Chemical Producer Planning to Use Credits Blockchain for Supply Chain Management

By Casper Brown
Published September 27, 2019 Updated September 27, 2019
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Major Russian Chemical Producer Planning to Use Credits Blockchain for Supply Chain Management

By Casper Brown
Published September 27, 2019 Updated September 27, 2019

The Credits blockchain platform announced on September 20 that it has signed a partnership agreement with JSC IVHIMPROM on the implementation of a pilot project for supply chain management and sales monitoring using blockchain technologies.

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The agreement signed between JSC IVHIMPROM and Credits involves the implementation of innovative blockchain technologies for reducing supply chain tracking and delivery costs. The automation of management systems offered by solutions developed on the basis of the Credits platform is aimed at reducing time delays and increasing the accuracy of supply chain deliveries. The system also provides transparency of all operations and ensures the immutability of database records.

Blockchain technologies are an innovative solution for improving trust issues associated with operations involving multiple parties. The management of JSC IVHIMPROM has decided to implement the technologies offered by Credits to increase trust in its processes and attain a significant competitive advantage on the chemical products market through heightening transparency and reducing costs.

The Credits blockchain platform is actively engaged in offering its services and technological solutions on the chemical and oil production markets. Two more Russian companies operating in the chemical and oil industries are soon to integrate Credits-based technologies into their production processes.

JSC IVHIMPROM was founded in 1838 and has since become one of the largest chemical producers and the oldest chemical production plant in Russia. The company is engaged in the production of various chemical components, oil additives, and other products at its modern facilities.

Credits is a fully decentralized infrastructure provider operating on blockchain technologies through the innovative PoA algorithm with the use of smart contracts. The company is one of the leading blockchain solution providers and offers its clients transaction processing speeds of 0.1 seconds at $0.001 per transaction.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Casper Brown
381 Articles
I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.

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