Today Trade Waltz, the Japanese blockchain consortium for cross border trade, announced it would go into production on Friday, April 1. NTT Data started the consortium in 2017 to digitize trade documents, and the group had 18 members before incorporation in 2020.
At that stage, NTT Data along with six other firms invested $20 million. The other founders were three trade conglomerates Mitsubishi Corp, Toyota Tsusho and Kanematsu, MUFG, Tokio Marine & Nichido Fire and Sompo. Last year another four organizations invested with the addition of $8 million in capital. However, the number of corporates currently involved in the platform now surpasses a hundred.
Cross border trade is a very document-heavy process. Using the blockchain platform addresses both document security and efficiencies. Trade Waltz claims that users achieve a 44% to 60% improvement in operational efficiency. It’s also more secure because it’s possible to prove the origin of documents, whereas paper documents can be more easily faked.
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