The largest Asian Bank DBS and the Singapore company Trafigura Group presented a new blockchain platform ICC TradeFlow for the development of international trade and increasing the speed of document processing.
The open platform was developed using the Perlin blockchain. The main goal of the platform is to reduce the time for processing paper documents and increase the efficiency of document flow. According to DBS Bank, the system will reduce the time for processing documents from 45 to 20 days.
The solution is based on the TradeTrust network infrastructure developed by the media development authority (IMDA), the official Council of the government of Singapore under the Ministry of communications and information.
According to the developers, platform participants will be able to evaluate the level of reliability of transaction participants, agents, and vehicles, and this rating will be displayed in the system. In the future, as new countries are added to the system, the platform will gradually improve.
Satvinder Singh, CEO of the government Agency Enterprise Singapore, believes that such cooperation and the use of blockchain technology in the field of trade will strengthen Singapore’s position in the international market.
Recall that a year ago, IMDA offered to Finance the development of blockchain in the field of media and information and communication technologies. In addition, in October, Singapore began using blockchain for registering ships.