Global eTrade Services (GeTS), a subsidiary of CrimsonLogic (a leading provider of eGovernment products and services based in Singapore), has launched Open Trade Blockchain (OTB), an inclusive and extensible blockchain service built for the trade communities to boost overall efficiency, security and transparency for global trade.
Open Trade Blockchain is also the region’s first cross-border blockchain platform that is aligned with China’s Belt Road Initiative (BRI) and the Southern Transport Corridor.
GeTS’ Open Trade Blockchain is a permissioned blockchain network run by trusted nodes which are hosted by whitelisted accredited trade compliance companies. OTB enhances the security of trade related documents, from Certificate of Origin, to Commercial Invoice and enhances the transparency and trust between shippers, freight-forwarders and customers.
For users, OTB is built on an intuitive and user-friendly interface that makes it easy for all companies whether digitally-savvy or not, to utilise the platform.
Built with an Easy-to-Consume service layer, OTB offers drag-and-drop simplicity in securing trade documents between businesses. Web Service APIs are also available to allow partners to integrate and scale OTB with their own legacy systems.
GeTS is assisting partners to provision blockchain nodes progressively, including strategic partners such as China-ASEAN Information Harbor Co., Suzhou Cross-E-commerce Co. Ltd (operator of the Suzhou E-commerce Single Window), and Commodities Intelligence Centre (CIC, a joint-venture company between ZALL SMARTCOM – a major B2B player in China, GeTS and SGX).
Additional partners such as Korea Trade Network (KTNET), PT-EDI Indonesia, TIFFA EDI Services Company Limited (a subsidiary of the TIFFA Group of Companies) and Trade-Van Information Services Co. (Taipei) are also coming on board.
The geolocation of existing and upcoming nodes provides an extensive blockchain network across Asia. With OTB linking China to rest of the region, it will provide a strategic edge to businesses wanting to participate in China’s BRI initiatives as it offers greater connectivity with country’s “Digital Silk Road”.
“We believe that our Blockchain technology can help create greater trust amongst cross-border traders in ASEAN and along China’s BRI and Southern Transport Corridor. Trade volume between ASEAN and China would become the single largest transaction between two regions and we hope to facilitate this,” said Mr Eugene Wong, Chairman of CrimsonLogic and GeTS.
“As CrimsonLogic celebrates our 30th Anniversary since its founding in 1988 and developed the world’s first Trade facilitation platform in Singapore, our vision is to create a new Global Trade Facilitation platform which is truly trusted globally with our Open Trade Blockchain technology.
“One year ago, we successfully launched GeTS and it amassed more than 10 million transactions in the first year of operation. Today, GeTS is now conducting more than 13 million transactions and recorded a Gross Merchandised Value (GMV) of more than $400 billion for the first half of 2018. With the launch of this Open Trade Blockchain, we have set a new precedent for global trade, and promise to meet growing demands for compliant and secure trade regionally, and globally.”
A unique feature of OTB is its open infrastructure. It is able to provide fundamental utilities as building-blocks for the trade community to co-create and develop new services. For example, transferable electronic Bill of Lading can be developed to transform the efficiency of the whole trade ecosystem, including trade finance.
“We continue to capitalise on our deep domain knowledge and expertise in creating a global electronic single window environment to make global cross-border trade more accessible, predictable and easier. We are now linked up to 24 Customs nodes across the world, with more than 175,000 connected parties, continuing to improve time savings by 60% and increase productivity by 1.5 times for our customers,” said Mr Chong Kok Keong, CEO of Global eTrade Services (GeTS).
“As we build on OTB, we envision a more transparent and trusted environment for traders to better conduct their business. We see tremendous potential in the open infrastructure of OTB, and I encourage the global trade and other communities to build blockchain services on OTB to better create a more transparent and secure environment for businesses.”