Global eTrade Services (GeTS), a subsidiary of Singapore technology provider CrimsonLogic, has launched Open Trade Blockchain (OTB), the world’s first cross-border blockchain service.
GeTS plans to allow more transparency and trust between shippers by positioning OTB as an open infrastructure for the whole trade community to secure trade-related documents from certificate of origin to commercial invoice.
Features of the service include an easy-to-consume service layer, drag-and-drop simplicity of use, and Web Service API’s to help with integrating and scaling OTB for legacy systems.
According to CrimsonLogic, OTB is the first cross-border platform of its kind, and aligns with China’s Belt Road Initiative (BRI).
The service will provide a strategic advantage to businesses seeking involvement in the BRI, as it offers greater connectivity with the country’s ‘Digital Silk Road’ – an extensive network of communications across the region.
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Eugene Wong, Chairman of CrimsonLogic and GeTS, spoke about the launch: “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.”
“With the launch of this Open Trade Blockchain, we set a new precedence for global trade, and promises to meet growing demands for compliant and secure trade regionally, and globally.”
Commenting on the new service, Chong Kok Keong, CEO of GeTS, stated: “We continue to capitalise on our deep domain knowledge and expertise in creating a global electronic single window environment to make global cross-border trade more accessible, predictable and easier.
“When we build OTB, we are envisioning a more transparent and trusted environment for traders to better conduct their businesses.”