Today, the International Chamber of Commerce (ICC) formally launched the Digital Standards Initiative (DSI) for interoperability between digital trade and trade finance initiatives. The ICC said DSI would develop open standards and enable communication between different blockchain and other technology platforms in the trade space.
The ICC is the largest representative business organization in the world, with over 45 million members. The DSI was formed after the ICC took over the Universal Trade Network (UTN), an interoperability project initiated by blockchain trade finance network Marco Polo, R3 and TradeIX. Major enterprise blockchain technology players, banks, and others joined the initiative, after which ICC took over the project owing to its standards setting role and neutrality.
The ICC’s involvement was initially announced at SIBOS last September.
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