Most non-banking organisations who are trusted with customer funds often use escrow accounts in order to manage those funds. In recent months some Banks have developed alternatives based on block chain technology and with great results. So, what does this mean for the project logistics industry?
With these new type of services, every corporate customer of any non-bank organisation could then get a bank account with the particular bank via the blockchain technology. This way, fund flows between the corporation and its customers are included in payment processes under regular control and guaranteeing the required transparency. This blockchain system drastically reduces administrative costs for corporations by completely eliminating escrow account management costs.
Great Industry interest
Our own CEO, Peter Bouwhuis who has been looking at this technology for some time now, and responsible for the success of XELLZ and its customers, elaborates that this new approach is ideal for projects where escrow arrangements with our customers are made and where we can start implementing this innovation. They’re innovators themselves; their business model is geared toward efficiency and transparency. The next step is to jointly check and assess the new functionality and to make improvements where necessary. After that, the service can be made more widely available. We’re seeing a great deal of market interest for this service.”
By opening up the new technology the Heavy Lift & Project Logistics industry, or capital projects in general, shall be more open to make rapid improvements in the overall performance of projects in general where financial barriers are lifted and better opportunities will present itself. By taking away financial constrains, the execution of project logistics will be better positioned for transparency and better project management and focus to what matters.
The development of new technologies is going very fast now and for any company it will become a challenge to keep up with this. XELLZ has committed to be on top of the new developments and will devote considerable time and funds to develop in parallel to make our customers benefit from the latest in the industry.