Crimson Logic, an e-government service provider in Singapore, has launched a cross-border, blockchain-based trading platform to manage transportation for the Association of Southeast Asian Nations (ASEAN).
The platform was launched through subsidiary company GeTS and will be called the GeTS Open Trade Blockchain Platform. It aims to utilize the benefits provided by the decentralized ledger technology of blockchain to boost efficiency and security.
Built as a network of trusted nodes each managed by accredited partners, the system will provide freighters and their shareholders with instant access to company documents such as certificates and invoices via a secure, shared platform.
The new system will feature a click-and-point interface to provide effortless simplicity to the management of files all along the supply chain. From buyers and sellers to port operators and shippers, all key players along the trade route will have fast and transparent to necessary documentation.
Improved trust through Blockchain
Eugene Wong of CrimsonLogic believes the system will develop greater trust amongst ASEAN nations and increase trade volume along China’s BRI and Southern Transport Corridor.
The blockchain will operate as a permission, private blockchain but will allow developer access for the addition of new services.
Port Authority Singapore (PSA), who owns a 45 percent stake in CrimsonLogic, has been working with IBM on a proof-of-stake supply chain network and an international container ship-tracking system.
In other crypto-related news from the ASEAN peninsula, the Hong Kong Monetary Authority recently launched a blockchain-based financial system.
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