CrimsonLogic launches world’s first cross-border trade blockchain 18874
News
Jessica Kuruthukulangara
Jul 19, 2018 at 8:30 PM

CrimsonLogic, an e-government service provider based in Singapore, on Wednesday launched the world’s first cross-border blockchain platform connecting China and ASEAN countries. Open Trade Blockchain (OTB) was launched by CrimsonLogic’s unit Global eTrade Services (GeTS).

OTB will help in enhancing the security of trade-related documents and increase the transparency between shippers, freight-forwarders and customers. This will aid in supply chain efficiency and increased transparency. The platform is a permissioned (or private) blockchain network comprised of trusted nodes operated by accredited participating companies.

The platform also offers Web Service APIs, which will allow users to integrate the blockchain with their own legacy systems. Interestingly, OTB's open infrastructure will allow traders to build new services for certain use-cases in the trade flow.

See also: Singapore Warns Eight Cryptocurrency Exchanges against illegal trading

"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,” said Mr Eugene Wong, Chairman of CrimsonLogic and GeTS.

Stakeholders in CrimsonLogic

International Enterprise Singapore, a government body, owns 55 percent stake in CrimsonLogic while PSA International, among the world’s largest port operators, has a 45 percent shareholding in the company. Last year, PSA had announced a partnership with IBM Singapore and Pacific International Lines to explore proof-of-concept blockchain solution for supply chain networks.

GeTS offers services that assist traders in meeting regulatory and compliance requirements around the world. The unit currently conducts over 13 million transactions and has recorded a Gross Merchandised Value (GMV) of over $400 billion in the first half of this year.

Singapore is currently among the most crypto-friendly countries in the world, with the number of ICOs and cryptocurrency investments in the country rising exponentially.

Image via Shutterstock

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