On September 20, the Credits blockchain platform project and one of the oldest Russian enterprises in the chemical industry, JSC IVHIMPROM, entered into a partnership agreement and announced the launch of a pilot project on the automation of the management of supply and product sales. The process of tracking the supply chain of raw materials and finished products are to be implemented using the software solutions of the Credits public blockchain platform.
The solution agreed upon by Credits and IVHIMPROM will allow for providing substantial control and automation of the delivery of products at all stages of the production process, which will largely ensure complete transparency of transactions and reduce transaction costs. The implementation of blockchain solutions will also make the database on shipments, deliveries, and operations fully immutable and tamper-proof, thus significantly increasing confidence and trust among suppliers, contractors and buyers. The use of the Credits blockchain basis will facilitate the supply chain process and will allow all parties to it to verify the quality of the services and products.
The implementation of blockchain solutions will become a significant competitive advantage for IVHIMPROM and will serve as a great incentive for its further growth in the chemical production market.
The Credits blockchain project is conducting continuous integration on the market of the chemical and oil industries as two more major petrochemical producers of the Russian market will soon be connected to its infrastructure.
The Ivanovo Chemical Plant IVHIMPROM is the oldest enterprise in the chemical industry founded in 1838 by merchant Lepeshkin in the city of Ivanovo. The enterprise has extensive ties with research institutes of the Russian Federation and has a modern developed infrastructure, including an innovation and technology center, production workshops, storage facilities and more.
Credits is an open-source and fully decentralized blockchain software platform operating on the basis of the PoA (Proof of Agreement) algorithm. The platform offers network capacities of up to 1 million transactions per second with transaction processing times at 0.1 seconds and low fees starting from 0.001 USD per transaction.