Copy link
Increase text size
Decrease text size
Link copied

DBS, Trafigura team up to build open-sourced blockchain trade platform

Image: DBS (Via YouTube)

Thu, 07 Nov 2019, 11:29 am UTC

Singapore-based DBS Bank and commodity trading company Trafigura are collaborating with Infocomm Media Development Authority (IMDA) to develop an open-sourced blockchain trade platform.

Called ICC TradeFlow, the platform aims to improve trade flows by connecting trade partners across borders and streamlining manual paper-based trade processes. The project also involves participation from the International Chamber of Commerce (ICC), Enterprise Singapore and tradetech Perlin.

“By tapping into each other’s respective expertise in commodities and finance, our customers will be able to receive their goods at least 50% faster with much less paperwork. Solutions like these are timely as they meet our customers’ demands for increased transaction speed and optimised financing to promote better cash flow and capital management,” Tan Su Shan, Head of Institutional Banking, DBS Bank, said.

According to a press release dated Nov. 06, the platform is built on IMDA’s TradeTrust network infrastructure and powered by Perlin’s blockchain technology. It has been designed to ensure interoperability with existing and future digital trade platforms.

“All parties on the blockchain platform are also able to send, receive and act upon trade instructions in real-time, cutting the end-to-end trade document transit time by more than half from 45 to 20 days,” it added.

A pilot trade of $20 million worth of iron ore will be shipped from Africa to China this month. Following the success of the initial pilot, the partnering organizations will continue iterating and improving the ICC TradeFlow platform with an aim to roll out the platform globally.

Going forward, further enhancements will be made to the platform, including offering trade finance on-the-go and providing background information and credit ratings on trade participants, vessels and couriers to build trust among counterparties.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (btc) $42,919.00 (+0.07%)
  • Ethereum (eth) $2,914.51 (-1.26%)
  • Cardano (ada) $2.29 (-2.11%)
  • Tether (usdt) $1.01 (+0.43%)
  • Binance Coin (bnb) $338.09 (-4.58%)
  • Bitcoin (btc) $42,919.00 (+0.07%)
Jul 15, 2021 (Thursday)
13:30
BTC Surges by 1.16% Within 5 Mins, Marking 31,824.01 USDT
12:06
BTC Surges by 1.12% Within 5 Mins, Marking 32,104.8 USDT
10:25
BTC Drops by 1.03% Within 5 Mins, Marking 32,171.88 USDT
02:13
TriumphX Scouts 'MINAMCOMPANY' CEO Woo-Seong Lee As Creative Director
02:00
ETH Tops List Of Crypto Net Inflow With $298.96 Mln In Past 10 Hours
Jul 14, 2021 (Wednesday)
13:14
BTC Surges by 1.03% Within 5 Mins, Marking 32,738.08 USDT
09:03
BTC Surges by 1.01% Within 5 Mins, Marking 31,899 USDT
02:30
Crypto Market Sentiment On Jul 14: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $224.97 Mln In Past 10 Hours
Jul 13, 2021 (Tuesday)
02:30
Crypto Market Sentiment On Jul 13: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $178.61 Mln In Past 10 Hours
Jul 12, 2021 (Monday)
02:30
Crypto Market Sentiment On Jul 12: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Inflow With $164.82 Mln In Past 10 Hours
Jul 11, 2021 (Sunday)
21:31
BTC Surges by 1.02% Within 5 Mins, Marking 34,475.6 USDT
10:00
ETH Tops List Of Crypto Net Inflow With $122.76 Mln In Past 18 Hours
06:17
SOBA Listed On LATOKEN
02:30
Crypto Market Sentiment On Jul 11: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Outflow With $87.56 Mln In Past 10 Hours
Jul 9, 2021 (Friday)
21:40
BTC Surges by 1.08% Within 5 Mins, Marking 33,911.8 USDT
02:30
Crypto Market Sentiment On Jul 09: Market In "Extreme Fear"
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft