TradeTrust - Transform the Way You Trade

TradeTrust is a framework that comprises globally accepted standards connecting governments and businesses to a public blockchain. This enables trusted interoperability of electronic trade documents across digital platforms. Thus, TradeTrust is offered as a digital utility. TradeTrust has proven capability in tracing the source of digitally issued documents and verifying their integrity independently. Examples of use cases include validating the authenticity and provenance of government-issued documents, title transfers of electronic Billing of Lading and more.

On 31 Mar 2020, a successful Proof of Concept (PoC) was executed by the Infocomm Media Development Authority of Singapore (IMDA), the Maritime and Port Authority of Singapore (MPA) and the Port of Rotterdam (PoR). Through which simulated transactions for electronic bill of ladings (eBLs) were successfully conducted between Rotterdam and Singapore. The next phase of TradeTrust’s development will explore the use of a sidechain to further improve cost and transactional efficiencies.

Yet another trial was concluded on 18 August 2021 in which the Australian Border Force (ABF), the Infocomm Media Development Authority of Singapore (IMDA), and Singapore Customs, along with industry participants, successfully proved trade documents can be issued and verified digitally across two independent systems, reducing cross-border transaction costs. This demonstrated TradeTrust’s value as a framework to connect governments and businesses for more effective trade flow.

Verifiable credentials and decentralised identifiers (DID) such as TradeTrust represent key opportunities for government authorities as trust anchors and businesses to accelerate digitalisation and build trust through digital proofs. For more information, access the UNECE UN/CEFACT - eDATA Verifiable Credentials for Cross Border Trade White Paper for practical use cases and concept to implementation guidance, including section 6.5 on Open Attestation and TradeTrust.

Key Components of TradeTrust include:

• Legal Harmonisation: It provides legal validity across various countries’ jurisdictions
• Standards Development: It establishes internationally accepted standards to facilitate interoperability
• Accreditation Structure: It provides internationally accepted rules and policies to ensure technical solutions meet the requirements of the law
• Open-Source Software: It has open-source codes and leverages Distributed Ledger Technology (DLT) that allows users to integrate backend solutions to the public TradeTrust blockchain network easily.

Visit https://www.tradetrust.io for more information.

Key Features

The core tech of TradeTrust comprises of two features:

• Verifiable documents
• Transferable documents

Pricing

TradeTrust is open sourced and free to use under the Apache License, click here to download TradeTrust’s open source code.

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Last updated 09 May 2023

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