CrimsonLogic, a Singapore-based provider of eGovernment products and services, has announced the launch of a blockchain-based cross-border trade platform.
Global eTrade Services (GeTS), a subsidiary of CrimsonLogic, this week launched Open Trade Blockchain (OTB) – a blockchain service aimed at boosting overall efficiency, security and transparency for global trade. It marks the region’s first cross-border blockchain platform aligned with China’s Belt Road Initiative (BRI) and the Southern Transport Corridor.
“We believe that our Blockchain technology can help create greater trust amongst cross-border traders in ASEAN and along China’s BRI and Southern Transport Corridor. Trade volume between ASEAN and China would become the single largest transaction between two regions and we hope to facilitate this,” said Eugene Wong, Chairman of CrimsonLogic and GeTS.
The platform will increase the security of trade related documents (Certificate of Origin, Commercial Invoice, etc.) and enhance the transparency and trust between various stakeholders – shippers, freight-forwarders and customers.
OTB is a permissioned blockchain network run by trusted nodes which are hosted by whitelisted accredited trade compliance companies. The geolocation of the existing and upcoming nodes provides an extensive blockchain network across Asia.
Strategic partners include China-ASEAN Information Harbor Co., Suzhou Cross-E-commerce Co. Ltd, and Commodities Intelligence Centre. Additional partners including Korea Trade Network (KTNET), PT-EDI Indonesia, TIFFA EDI Services Company Limited and Trade-Van Information Services Co. are also coming on board.
“With OTB linking China to rest of the region, it will provide a strategic edge to businesses wanting to participate in China’s BRI initiatives as it offers greater connectivity with country’s “Digital Silk Road”,” GeTS said.
