Brisbane City, Australia — 11 December, 2023 — Data provenance solution Fresh Supply Co (FSCO), has now integrated the Hedera Token Service (HTS) into its API tool, Continuity, which monitors the payment lifecycle and its associated approval processes. HTS is a turnkey solution that enables users to configure, mint, and manage native fungible and non-fungible tokens on the Hedera network. This integration will bring groundbreaking mainnet capabilities to FSCO’s Continuity API, enabling organizations to embed the conditional minting of tokens (both fungible and non-fungible) within commercial workflows. These range from invoices and debts and refine documentary workflows using artificial intelligence based large-language models.
FSCO’s financial-grade Continuity API facilitates any use case requiring event-based payment automation — particularly across the supply chain. It recently migrated its operations from the now discontinued private Mastercard Provenance blockchain to Hedera, the open-source, leaderless proof-of-stake network, in efforts to bring full transparency and data verifiability to borrowers and lenders across the supply chain and agricultural industries. The updated Continuity API, which until now was available exclusively on Hedera’s Consensus Service, now leverages HTS, Hedera’s token minting service, to enable greater transparency and verifiability of payment transactions across the whole value chain. Users can capture the fulfillment of cash transaction prerequisites and mint necessary transactional information as an NFT that can be transferred between wallets. This, in turn, empowers financial institutions to make data-driven credit decisions, increasing lending confidence and broadening trade financing opportunities for consumers.
Shayne Higdon, Co-Founder and CEO of the HBAR Foundation, said: “Tokenization has the potential to be a game-changer for supply chain financing, particularly when it comes to strengthening data integrity and payment liquidity across supply chains. This integration presents a significant leap forward for improving supply chain provenance and facilitating better capital optimization across supplier networks. FSCO’s vision to empower more efficient and insight-driven supply chains through its platform aligns with Hedera’s commitment to enabling the next era of fast, fair, and secure applications. By harnessing Hedera’s environmentally friendly distributed ledger technology (DLT) — which offers real-time settlements — FSCO can also offer earlier payment triggers and enhance liquidity across its partner agricultural value chains.”
As part of this collaboration, FSCO will also harness AI to automate and streamline tokenization on the platform. With the launch of AI-backed tokenization capabilities, organizations can utilize large language model (LLM) technologies to extract data from documents and fast-track tokenization. This allows the development of intricate digital structures and improves digital workflow automation. This LLM-driven document extraction mechanism integrates seamlessly with Continuity, further underscoring FSCO’s emphasis on comprehensive and quality data for effective tokenization.
David Inderias, CEO at FSCO said, “Tokenization isn’t just a buzzword in the digital space. In the last few months, we have witnessed a huge spike in the adoption of token minting and tracking technologies for real-world use cases, such as establishing end-to-end visibility and tracking emissions across a supply chain, and managing contract value leakage between borrowers and lenders. As tokenization becomes more ubiquitous in private and commercial industries, the importance of diversifying our data acquisition sources (used for token tracking) becomes paramount. We are thrilled to work with Hedera to expand data sourcing beyond Enterprise Resource Planning (ERP) systems and bring crucial verifiability to the often opaque supply chain industry.”
FSCO incorporated the Hedera Consensus Service (HCS) into its Continuity API in August, enabling Hedera users to connect to Automated Clearing House payments, an electronic bank-to-bank form of payment available in the U.S., and the Mastercard network. Soon, Hedera’s user base will also be able to access Mastercard Payment Gateway Services (MPGS) and other forthcoming Mastercard Web3 and digital asset products as part of the integration.
About Fresh Supply Co (FSCO)
FSCO exists to revolutionize agribusiness. Its system goes beyond traditional funding methods by leveraging operational data and empowering lenders to make more informed decisions, supporting agribusinesses to claim better access to capital than ever before. Its founders, David Inderias and Ben Lyons, bring more than 40 years of combined industry experience to the team. Using their technology and supply chain expertise, David and Ben have transformed funding methods and unlocked trillions in capital — previously unattainable due to underperforming data.
FSCO transforms businesses’ capital access by changing the old industry narrative. Backed by a senior leadership team with global and multi-industry experience, FSCO is committed to creating positive change through fintech innovation.
About The HBAR Foundation
The HBAR Foundation supports the creation of Web3 communities built on the Hedera network, by empowering and funding the builders developing these communities. The Foundation’s six funds - focused on the Crypto Economy, Metaverse, Sustainability, Fintech, Privacy, and Female Founders - each support communities within those areas, and the interconnectedness enables applications to participate as part of a larger ecosystem.
The collective power of these funds enables entrepreneurs, developers, and enterprises of all sizes to tackle some of the world’s largest problems and create and control their own economies, all built on the Hedera public network. Whether you’re building something new or migrating an existing EVM-based application and community, the HBAR Foundation is here to support you. For additional information, please visit https://hbarfoundation.org.
