SINGAPORE – Global eTrade Services (GeTS) based in Singapore recently launched Open Trade Blockchain (OTB), a platform that will focus on cross-border trades between China and ASEAN countries.
GeTS, a subsidiary of CrimsonLogic, launched OTB in the hopes of boosting overall efficiency, security, and transparency for global trade.
The newly launched blockchain platform is a permissioned blockchain network that will be run by trusted nodes operated by its participating companies. It has a “drag-and-drop” function that will let iusers to easily share trade documents like origin certificates to commercial invoices.
With OTB in place, it will help enhance the transparency, trust, and efficiency between shippers, freight-forwarders, and customers as it has the ability to secure trade-related documents.
“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.” – Mr. Eugene Wong, Chairman, CrimsonLogic and GeTS
A Philippine-based shipping company, Shiptek Solutions, is also using the blockchain to be used in shipping and logistics. Its founder and CEO, Mr. Eugenio Ynion Jr., presented XLOG as the first blockchain-solution for logistics and shipping industries. He added that XLOG may eliminate data tamperings as it will upload all the data to the blockchain.