Singapore launches a blockchain for trading
A new platform will facilitate trade in Southeast Asia. This is done through a blockchain, which gives all parties access to the relevant documents, thereby increasing the security of the supply chain.06 Aug. 2018 Roland Freist
Singapore-based eGovernment provider CrimsonLogic has announced the Open Trade Blockchain . The platform operated by the CrimsonLogic subsidiary GeTS is intended to secure the retail chains in the Southeast Asian region. Above all, it is intended to strengthen the foreign trade of the Association of Southeast Asian Nations (ASEAN) and trade on the maritime silk road . According to the plan, the trading companies involved will be able to access and review all common trading documents via the blockchain. This should increase supply chain security and operational transparency for ports, distribution chains, and shipping companies.
CrimsonLogic is 55% owned by the IE Singapore government agency, which is part of the Ministry of Trade and Industry and is designed to boost the country’s overseas business growth. The remaining 45% is held by PSA International, one of the world’s largest port operators, with locations in Buenos Aires, Antwerp and Saudi Arabia.
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