Today, cross-border trade platform Global eTrade Services (GeTS) announced the onboarding of supply chain logistics company Swivel Software on its blockchain platform. This enables the traders, freight forwarders, brokers, insurance, and financial service providers on Swivel to use GeTS’ Open Trade Blockchain (OTB).
The OTB primarily provides registration and verification of trade documents such as bills of lading, commercial invoices, insurance files, and contracts. With blockchain, the data is immutable, helping supply chain participants to audit, eliminate fraud, and verify their integrity in case of a dispute.
“Trade by nature is borderless, and by combining the inherent reliability of Blockchain, we are able to bring users from over 30 countries to transform and improve their supply chain, speed up processes and boost efficiency,” said Eugene Wong, Chairman of GeTS.
GeTS offers an end-to-end suite for regulatory and compliance requirements, financial obligations, and logistics services for the supply chain ecosystem in Asia. GeTS is co-owned by the Singapore government and the Singapore port authorities.
The OTB presently has four operational nodes, with three outside of GeTS. Based on Hyperledger Fabric, the blockchain sits on top of the GeTS platform and takes advantage of existing integrations.
Talking about the collaboration with GeTS, Mandy Mak, COO of Swivel Software said, “We are excited about this collaboration with GeTS and together be part of a global platform. Alongside with GeTS, we look forward to new endeavours and opportunities to offering more trusted and value-added services to our worldwide network customers in the supply chain sector.”
The company’s OTB launched last year and has since onboarded leading shipping firm Pacific International. In July, GeTS introduced blockchain-based certificates of origin in collaboration with the Singapore Chinese Chamber of Commerce and Industry. The country is one of the most active in backing blockchain initiatives.