Japan’s Fujifilm Holdings will trial the TradeWaltz blockchain platform for sharing trade information. This will be the first time TradeWaltz’s platform is used in the manufacturing sector.
TradeWaltz was founded in 2017 as a consortium of 18 major Japanese firms led by NTT Data, but became an independent entity in April of 2020. The platform recently received investment from seven companies, including Mitsubishi, Toyota Tsusho, and MUFG, bringing its capital to $20 million.
Trade involves dealing with many sensitive and high value documents such as bills of lading and letters of credit. Processing paperwork is time-consuming because the accuracy of the data has to be cross-checked. Different companies use different systems, which means each party has to translate the document for their own system. Additionally, physical documentation is subject to human error and fraud. TradeWaltz is addressing this by creating a distributed ledger to share trade documents and electronic data.
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