News Supply chain

Japanese consortium blockchain Trade Waltz raises $8m, adds 4 members

container ship trade

Today Trade Waltz, founded by NTT Data, announced another four companies have joined the trade blockchain platform and invested Yen 900 million ($8 million), bringing the member count to eleven. The new additions include the University of Tokyo venture fund, marine cargo firm Mitsui-Soko Holdings, transport and warehousing firm Nissin Corporation and TW Link.

In October last year, NTT Data announced that the Japanese blockchain platform had incorporated with the backing of itself, Mitsubishi, Toyota Tsusho and four others to the tune of Yen 2.1 billion ($19 million). The project aims to digitize international trade processes.

Meanwhile, TW Link is a joint venture investment company expressly incorporated to promote Trade Waltz. It’s owned by four logistics firms Kawanishi Warehouse, Suzue Corporation, Daitokoun and Fuji Warehouse.

The TW Link joint venture aims to integrate the four logistics firms with Trade Waltz via an API. It also wants to provide input to Trade Waltz about some of the functionality it’s developing. This includes implementing electronic bills of lading (eBL) and integrating with Nippon Automated Cargo and Port Consolidated System (NACCS), which connects the tax authorities to all the parties involved in trade and customs clearance.  

“The logistics industry is approaching a crossroads amid the recent rapid changes in the business environment, and we believe it will be essential for various trade and logistics enterprises to get together and share information,” said Jiro Kawanishi, President, Kawanishi Warehouse.

Earlier this month, Trade Waltz announced it had joined several trade associations, including the International Chamber of Commerce (ICC) Japan Committee.

In July, Trade Waltz said that Mitsubishi Corporation Fashion would trial the trade solution in the apparel sector. The company said Trade Waltz would help with remote working, and the reduction in paperwork contributes towards the conglomerate’s SDG goals.

Other international trade blockchain platforms include TradeLens and the Global Shipping Business Network (GSBN).