source: here
Global eTrade Services (GeTS) is a CrimsonLogic subsidiary, Singapore based company specialized in providing eGovernment products and services and a key growth engine for the group, has announced to launch of a new blockchain logistics service Open Trade Blockchain (OTB), an inclusive and extensible blockchain for trade communities to improve efficiency, security and transparency for global trade. OBT is the region's first cross-border blockchain. Cross-border is a distributed ledger that has ability to enable transactions with minimal fees, blockchain poses a tangible threat to cross-border funds transfer systems. This means two nodes connected with same network and transaction approved directly.
This is inspired by a great successful trial by Pacific International Lines, Singapore based company with PSA and IBM, of a blockchain platform that tracked cargo moving from Chongqing to Singapore along the Southern Transport Corridor. There is no doubt blockchain technology is growing like a wild fire in almost ever industry and it is able to solve our problems.
Eugene Wong, chairman of CrimsonLogic and GeTS said:
“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.”
“One year ago, we successfully launched GeTS, and it amassed more than 10m transactions in the first year of operation. Today, GeTS is now conducting more than 13m transactions and recorded a Gross Merchandised Value (GMV) of more than $400bn for the first half of 2018. With the launch of this Open Trade Blockchain, we have set a new precedent for global trade, and promise to meet growing demands for compliant and secure trade regionally, and globally.”
GeTS’ Open Trade Blockchain is a permission blockchain network run by trusted
nodes which are hosted by whitelisted accredited trade compliance companies that will provide enhanced the security of trade-related documents, including Certificate of Origin, Commercial Invoice and transferable electronic bill of lading.
GeTS CEO Cheong Kok Keong stated:
“We continue to capitalize on our deep domain knowledge and expertise in creating a global electronic single window environment to make global cross-border trade more accessible, predictable and easier. We are now linked up to 24 Customs nodes across the world, with more than 175,000 connected parties, continuing to improve time savings by 60% and increase productivity by 1.5 times for our customers.”
“As we build on OTB, we envision a more transparent and trusted environment for traders to better conduct their business. We see tremendous potential in the open infrastructure of OTB, and I encourage the global trade and other communities to build blockchain services on OTB to better create a more transparent and secure environment for businesses.”
Resources1: https://www.crimsonlogic.com/news.html
Resources2: https://www.crimsonlogic.com/Documents/pdf/newsAndEvents/media/Press_Release_Announcement_GeTS_launches_worlds_first_cross-border_BC_for_trade_linking_ASEAN_and_China.pdf
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