Strategy and Delivery
Web3 Labs provides the fintech marketplace with a solution to store data on blockchain
Equipment Connect’s platform brings businesses together with equipment vendors and institutional funders in a single digital marketplace.
Equipment Connect worked with Web3 Labs to develop a solution for storing digital fingerprints of financial agreements on a blockchain.
About the Client
Equipment Connect is a fintech platform and marketplace for business equipment and associated services. As such, it provides small and medium businesses with the means to source, finance, and manage equipment digitally via one web application.
Bringing together small equipment suppliers and their customers into a single, multi-funder leasing market, Equipment Connect is the first fintech platform to fully digitise the equipment financing user flow. Its diverse team prides itself on experience across multiple areas, including credit risk, financial markets, and asset financing.
The market for financing business equipment is traditionally paper-based, which makes it inefficient and non-transparent. As a result, approving and processing transactions can be time-consuming and require a lot of intermediation.
Despite the industry in Europe being valued at €300 billion, many funders still rely on legacy technology that generally isn’t well integrated with vendors selling the equipment and data providers. This causes many traditional funders to carry the burden of the excessive back office, along with the trustee and reconciliation costs. They’re also exposed to fraud due to the fragmented nature of recordkeeping.
Web3 Labs partnered with Equipment Connect to create a solution for storing digital fingerprints of financial agreements on a blockchain.
The Strategy and Delivery work was carried out as a proof of concept, successfully demonstrating how the technology could be used to streamline and mitigate against fraudulent activities in the equipment financing process.
Our work with Equipment Connect enabled them to learn first-hand how their platform could embrace the many benefits of blockchain in its digital marketplace. Among other things, these include increasing trust between different funders, as well as ensuring greater confidence and fluidity in the title transfer process.
How Web3 Labs can help you
Web3 Labs is a blockchain technology company that works with large organisations to deliver applications that improve trust and authenticity of data and assets.
Clients that have taken advantage of our Strategy and Delivery Services include Microsoft, J.P. Morgan and Vodafone.
We also work with leading blockchain companies and protocols to develop their ecosystems and platforms. Organisations Web3 Labs has worked with include ConsenSys, R3, the Open Application Network, the Ethereum Foundation and ICON.
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