Government-Backed Blockchain Trade Platform Launches in Singapore | Crypto News
CrimsonLogic, a Singapore-based e-government service provider owned by a government agency and a port operator giant, has announced the launch of a blockchain platform focused on cross-border trade.
The company said in a statement that its fully-owned subsidiary GeTS revealed the service on Wednesday. Dubbed GeTS Open Trade Blockchain, the platform is a permissioned network run and validated by invited nodes who are accredited trade compliance firms.
On top of the open infrastructure, companies in the cross-border supply chain industry can develop decentralized applications for customized needs. The goal is to enable different parties such as ports, shipping companies and customers, to view and transact trade-related documents in a distributed way to improve the supply chain efficiency and transparency.
Eugene Wong, chairman of CrimsonLogic and GeTS, said in the announcement:
“We believe that our blockchain technology can help create greater trust amongst cross-border traders in ASEAN and along China’s Belt Road Initiative 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.”
Currently, CrimsonLogic’s biggest shareholder (with 55 percent ownership) is IE Singapore, a government agency under the Ministry of Trade and Industry, which fosters the growth of Singaporean businesses overseas.
In February, PSA International, who operates ports in South America, Southeast Asia and Europe, became the other major stakeholder of CrimsonLogic by owning the firm’s remaining 45 percent shares through acquisition.
The blockchain effort follows PSA’s pilot program with IBM last year to test a proof-of-concept aimed to automate trade document transactions via a distributed network for supply chain partners.
Earlier this year, the companies claimed the proof-of-concept successfully tracked and transacted trade information during a cross-border shipment from China’s Chongqing city to Singapore.
Cargo image via Shutterstock