Today, commodity trader Trafigura and DBS announced the launch of an open-source blockchain platform in Singapore with support from Infocomm Media Development Authority (IMDA), the International Chamber of Commerce (ICC), Enterprise Singapore and blockchain developer Perlin.
Dubbed as the ICC TradeFlow platform, the initiative aims to streamline trade flows by eliminating manual paper-based processes. The
announcement said the blockchain platform could potentially reduce end-to-end document transit time to 20 days from 45 days.
The platform is built using IMDA’s TradeTrust interoperability framework and leverages Perlin’s blockchain technology. With the focus on interoperability, Trafigura said the platform could communicate with existing and future digital trade platforms. Later this month there will be a pilot for $20 million worth iron ore to be shipped from Africa to China.
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