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Singapore’s CrimsonLogic launches new blockchain service

Trade facilitation, especially across Asia, is set to be improved with the launch of Global eTrade Services’ (GeTS) Open Trade Blockchain (OTB), an inclusive and extensible blockchain service.

The CrimsonLogic unit claims the service will improve overall efficiency, security and transparency for global trade. It is also the region’s first cross border blockchain platform that is aligned with China’s Belt Road Initiative (BRI) and the Southern Transport Corridor.

Earlier this year, Singapore line Pacific International Lines, with PSA and IBM, tested a blockchain platform tracking cargo from Chongqing to Singapore along the Southern Transport Corridor. After this successful trial the partners are encouraging others to join their platform.

GeTS’ OTB is a permissioned blockchain network run by trusted nodes which are hosted by whitelisted accredited trade compliance companies.  The service enhances the security of trade-related documents, from Certificate of Origin, to Commercial Invoice and enhances transparency and trust between shippers, freight-forwarders and customers.

Featuring an intuitive and user-friendly interface and drag-and-drop simplicity, OTB also has Web Service APIs to allow partners to integrate and scale the service with their own legacy systems.  

GeTS is assisting partners to provision blockchain nodes progressively, including strategic partners such as China-ASEAN Information Harbor, Suzhou Cross-E-commerce (operator of the Suzhou E-commerce Single Window), and Commodities Intelligence Centre (CIC, a joint-venture company between ZALL SMARTCOM – a major B2B player in China, GeTS and SGX). 

Additional partners such as Korea Trade Network (KTNET), PT-EDI Indonesia, TIFFA EDI Services (a subsidiary of the TIFFA Group) and Trade-Van Information Services (Taipei) are also coming on board.  The geolocation of existing and upcoming nodes provides an extensive blockchain network across Asia. 

With OTB linking China to the rest of the region, it will provide a strategic edge to businesses wanting to participate in China’s BRI initiatives as it offers greater connectivity with the country’s “Digital Silk Road”.

“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,” said Eugene Wong, chairman of CrimsonLogic and GeTS.

“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.”

Many players in the shipping and logistics industry are keen to explore the use of blockchain technology to improve trade facilitation and security.

Read More: Block chain platform Insurwave for marine insurance goes live with Maersk onboard

GeTS ceo Cheong Kok Keong said: “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.  We are now linked up to 24 Customs nodes across the world, with more than 175,000 connected parties, continuing to improve time savings by 60% and increase productivity by 1.5 times for our customers.”

He added: “As we build on OTB, we envision a more transparent and trusted environment for traders to better conduct their business. We see tremendous potential in the open infrastructure of OTB, and I encourage the global trade and other communities to build blockchain services on OTB to better create a more transparent and secure environment for businesses.”  

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