CrimsonLogic, a Singapore based government e-service provider, has launched a new blockchain platform that is centered on cross-border trade between China and ASEAN nations.
The government-owned port operator which functions in over 20 countries announced the details of the ‘inclusive and extensible blockchain service’ is expected to ‘boost overall efficiency, security and transparency’ for trading worldwide.
CrimsonLogic launched the blockchain platform through GeTS, listing it the “GeTS Open Trade Blockchain Platform.” The platform is expected to serve as an authorized blockchain network that features secured nodes which are managed by approved and active companies.
Key stakeholders such as shippers, freight-forwarders in the trade circulation will profit from the blockchain platform because it offers relatively better security and quicker sharing of trade data and documents like commercial invoices and a cargo’s origin certificate.
The trade blockchain platform will reportedly feature a user-friendly interface that allows users to simply ‘drag-and-drop’ while sharing trade-related documents among shippers, port operators and buyers/sellers. This feature enhances the efficiency and transparency of a trade as well as that of a supply chain.
CrimsonLogic is jointly-owned by the Port Authority of Singapore, which is one of the biggest port operators in the world and holds a 45% stake in the organization.
The chairman of CrimsonLogic, Eugene Wong, explained that the interest in trade activities between China and ASEAN nations was the major reason for introducing the trade blockchain platform. He noted that:
“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.”
The company also confirmed that its ‘open infrastructure’ will allow developers to design new layers and features for suitable use-cases in the trade circulation, even though the blockchain will remain private.
Singapore Gradually Adopting Blockchain Technology
In a similar move to explore the blockchain technology, the Public Authority of Singapore signed a partnership agreement with tech giant IBM, to build a “proof-of-concept” blockchain platform for supply chain networks in the region.
Recently in July, Singapore moved towards using blockchain to revamp food security in the country when Certis Group, a digital security startup in the country, developed a means through which IoT devices can be used to capture goods which are then stored on a distributed ledger by merely scanning QR codes.
In February, the Deputy Prime Minister of Singapore, Tharman Shanmugaratnam, defended the cryptocurrency market and trading, stating that he does not believe that cryptocurrencies pose any potential threat “to the safety and integrity of [Singapore’s] financial system.”