Singapore introduced the region’s first blockchain cross-border trade platform
CrimsonLogic, a company specialized in digital solutions for government and legal structures, reports July 18 that its allied company Global eTrade Services (GeTS) has developed Open Trade Blockchain (OTB) – “an inclusive and extensible blockchain service built for the trade communities to boost overall efficiency, security and transparency for global trade”.
OTB is trying to connect exchange of Asean nations and China on the blockchain
The platform will be the first of a kind in the region, and will also be adjusted with China’s Belt Road Initiative (BRI) and the Southern Transport Corridor, stated in the press release. The Open Trade Blockchain network is established by the nodes that are owned by the authorized companies participating in the trade agreement. The profit of using OTB is improved the security of related documents, as well as high transparency and trust between all participants.
“OTB is built on an intuitive and user-friendly interface that makes it easy for all companies whether digitally-savvy or not, to utilize the platform”.
GeTS now helps partners to establish the blockchain nodes. Among partners are China-ASEAN Information Harbor Co., Suzhou Cross-E-commerce Co. Ltd, and Commodities Intelligence Centre. Further partners are Korea Trade Network (KTNET), PT-EDI Indonesia, TIFFA EDI Services Company Limited (a sub-company of the TIFFA) and Trade-Van Information Services Co. (Taipei). The geolocation of all partner nodes will thus enable an extensive blockchain network across Asia.