The official e-government service provider in Singapore – which is apparently owned by a government body and a port operator – has recently launched a blockchain platform that is focused on cross-border trade between China and the ASEAN nations.
The company’s name is CrimsonLogic and it is a provider of e-government solutions in over 20 countries. In an official PDF document, they announced details of their ‘inclusive and extensible blockchain service’ which, according to the company, will ‘boost overall efficiency, security and transparency’ for global trade.
The blockchain platform was launched through the fully-owned subsidiary GeTS, labeled as the GeTS Open Trade Blockchain Platform. Currently, the plans are for it to function as a permission-based blockchain network comprised of trusted nodes operated by participating companies.
The shippers, freight-forwarders and other key stakeholders will all benefit from the platform, all thanks to the enhanced security and seamless sharing of documents including a cargo’s origin certificate and commercial invoices.
On top of this, the platform will feature a user-friendly interface with ‘drag-and-drop features’ that will make sharing the trade documents an easy process, enhancing transparency and efficiency in the supply chain.
According to the chairman at CrimsonLogic, Eugene Wong, the trade between China and ASEAN nations is mainly in the spotlight. As he stated:
“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.”
Even though the blockchain will remain private, the company is looking forward to its ‘open infrastructure’ which will allow developers to build new layers and services for specific use-cases in the trade flow.
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