Blockchain technology is gradually gaining pace in the current decade as well as the future decades to come. This technology is the new addition to the gaming changing pack which comprised of technologies like augmented reality and IoT.
This being said, DBS Bank, the multinational banking and financial services corporation alongside commodity trader Trafigura is developing an open-sourced blockchain trade platform. Notably, these entities are working with Singapore’s Infocomm Media Development Authority (IMDA), International Chamber of Commerce (ICC), Enterprise Singapore and trade tech Perlin to develop a platform that diminishes the paper-based processes currently involved in global trade.
The group is collectively building the open-source platform, ICC Trade Flow that intends to connect trade partners quickly and eliminate the need for manual paper-based trade processes. Appreciating the move, DBS asserts that the new open-source platform can reduce the time to transit the document from 45 days to just 20. The press release emphasized that the first every transaction is expected to execute for a $20 million trade in iron ore from Africa to China.
"By tapping into each other’s respective expertise in commodities and finance, our customers will be able to receive their goods at least 50% faster with much less paperwork. Solutions like these are timely as they meet our customers’ demands for increased transaction speed and optimized financing to promote better cash flow and capital management”, elaborated Tan Su Shan, head, institutional banking, DBS.
Per the report, Infocomm Media Development Authority (IMDA) provides Trade Trust network infrastructure to develop the new ICC TradeFlow Platform which is being powered by Perlin's blockchain technology. Furthermore, the blockchain-based platform will connect all parties to receive, send and act upon instructions in real-time. As Singapore is already pushing the adoption of decentralized technology forward, the collective work possibly positions Singapore as a leading commodity trading hub, asserted Satvinder Singh, CEO of Enterprise Singapore.
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