Yesterday, the International Chamber of Commerce (ICC), the Singapore Government, and a few global firms signed a cooperation agreement to develop the TradeTrust blockchain framework. The public-private partnership was signed at the annual meeting of the World Economic Forum (WEF). It will work on eliminating paper-based processes by enabling a digital trail of trade transactions.
Additionally, last year the ICC unveiled a separate Digital Standards Initiative, which appears to have similar aims.
TradeTrust is an interoperability framework to be led by Singapore’s Infocomm Media Development Authority (IMDA) with the Maritime Port Authority of Singapore (MPA) and backed by Enterprise Singapore. The goal is to digitalize trade and shipping documents for optimizing workflows and reducing the time and cost of transactions. Additionally, the absence of manual processes can reduce errors and the risk of fraud.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
