Singapore based e-government service provider, CrimsonLogic which is owned by a government agency and port operator giant, has announced that they are going to launch a blockchain platform which is focused on cross-border trade.
According to the company’s statement, its fully-owned subsidiary GeTS has announced the service on Wednesday. GeTS Open Trade Blockchain, the platform which is a permissioned network run and validated by the invited nodes that are accredited trade compliance firms.
On top of the open infrastructure, companies in the cross-border supply chain industry that can develop decentralized applications for customized needs. The aim is to allow different parties, such as ports, shipping companies, and customers, to see and transact trade-related documents in a distributed way for improving the supply chain performance and transparency.
Eugene Wong, chairman of CrimsonLogic and GeTS said:
“We believe that our blockchain technology can help create greater trust amongst cross-border traders in ASEAN and along China’s Belt Road Initiative 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.”
At present, CrimsonLogic’s biggest shareholder (with 55 percent ownership) is IE Singapore, a government agency under the Ministry of Trade and Industry, which promotes the growth of Singaporean businesses overseas.