TradeTrust is a blockchain based interoperability framework between digitally connected trading partners such as governments and businesses for the exchange of digital trade documentation. This allows for secure and efficient trading of digital documentations globally. It is open to all stakeholders involved in cross-border trade and logistics documentation processes, such as shipping lines, shippers/consignees, logistics service providers, financial institutions providing trade financing services, trade and logistics related platform providers and overseas government authorities involved in cross-border shipment clearances.
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.
- 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.
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 02 July 2022
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