According to the
Global Trade Review, the World Blockchain Trade Consortium (WBTC) formed last week in Singapore. One of the participants is Global Trade Review’s sister company Singapore based GTR Ventures. Other members are Australia-based National Credit Insurance Brokers, Singapore-based fintech Incomlend and South American fintech Portal Finance. For now, none of the participants are banks.
The consortium will use startup Trade Finance Market’s technology called Invoice Check to prevent invoice fraud. It’s not uncommon for companies seeking finance to attempt to get trade credit multiple times using the same invoice.
The technology is similar to
Monetago‘s where there is a blockchain with an obfuscated reference to invoices. Other parties can check the blockchain to verify that an invoice has not yet been financed. In the Monetago case, they partnered with a group of significant trade finance providers in India to prevent trade finance fraud. WBTC aims to share invoices globally.
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