Singaporean digital services provider CrimsonLogic announced the launch of a shipping and logistics blockchain service, which it claims will streamline the overall security, efficiency and transparency for international trade, especially across Asia.
The company claims its platform, named Global eTrade Services’ (GeTS) Open Trade Blockchain (OTB), is Asia's first cross-border blockchain system that runs parallel with China’s Belt Road Initiative (BRI) and the Southern Transport Corridor.
“One year ago, we successfully launched GeTS and it amassed more than 10m transactions in the first year of operation. Today, GeTS is now conducting more than 13m transactions and recorded a Gross Merchandised Value (GMV) of more than $400bn 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,” CrimsonLogic and GeTS Chairman Eugene Wong said.
The company believes that its blockchain technology can help create “greater trust amongst cross-border traders in ASEAN and along China’s BRI and Southern Transport Corridor”, Wong said adding that trade volume between ASEAN and China would become the single largest transaction between two regions and the company hopes to facilitate this.
CrimsonLogic described GeTS’ OTB as a “permissioned blockchain network” which is run by reliable nodes and hosted by accredited trade compliance firms. The platform improves the security of trade-related documents including commercial invoice, certificate of origin, and bill of lading, while encouraging transparency.
GeTS has already sealed partnerships with China-ASEAN Information Harbor, Commodities Intelligence Centre (a joint-venture between China’s major B2B player ZALL SMARTCOM, SGX and GeTS) and Suzhou Cross-E-commerce (owner of the Suzhou e-commerce Single Window).
The company expects to bring more partners such as TIFFA EDI Services (a subsidiary of TIFFA Group), Trade-Van Information Services (Taipei), Korea Trade Network (KTNET) and PT-EDI Indonesia.
The launch of GeTS’ OTB comes after Singapore’s Pacific International Lines beta tested a blockchain-based cargo tracking from Chongqing, China, to Singapore along the Southern Transport Corridor. The test was carried out in partnership with IBM (NYSE:IBM) and port operator PSA.
In May, Filipino entrepreneur Eugenio Ynion Jr. launched XLOG, a blockchain-based end-to-end shipping and logistics platform that aims to facilitate the shipping industry. Ynion, founder and CEO of Shiptek, said XLOG is the only blockchain-based platform designed to solve all logistics challenges in the shipping and logistics industries.
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