Singapore e-government service provider CrimsonLogic has unveiled its cross-border blockchain network for global trade. Dubbed the Open Trade Blockchain (OTB), the platform is principally designed to boost the efficiency of trade corridors between China and the Association of Southeast Asian Nations (ASEAN) nations.
According to Eugene Wong, the chairman of CrimsonLogic and its subsidiary, GeTS, which will operate the platform, blockchain tech can help create greater trust amongst cross-border traders. The move marks a further venture into the blockchain revolution for Singapore, CrimsonLogic being owned by a city-state governmental authority and port operator.
In February, PSA International, which operates ports in South America, Southeast Asia and Europe, became the other major stakeholder of CrimsonLogic through an acquisition of the remaining 45 percent of the firm. The blockchain effort follows a pilot program conducted by PSA and IBM last year that tested a proof-of-concept aimed to automate trade document transactions via a distributed network for supply chain partners.