Global eTrade Services (GeTS) is using the blockchain technology to connect the ASEAN countries with China’s Digital Silk Road. This initiative was launched by the Singapore-based government group CrimsonLogic. The goal is to connect China’s Belt Road Initiative with the Southern Transport Corridor via blockchain.
The new technology is being called Open Trade Blockchain (OTB) and its main goal is to increase the efficacy, transparency and the security of global trade, especially in the Asian region. The system will be run by nodes which will be only hosted by accredited companies instead of random people around the web.
This technology will be used for companies focused on trading in this region and it will give them commercial invoices, certificates of origin and other documents related to security that will be stored on the blockchain forever.
OTB will be built to be very user-friendly so it will be able to reach mass adoption quicker. It will use a drag and drop interface that adds simplicity to trade. The companies will also be able to use APIs to allow their partners to use their own legacy systems.
An Estrategic Edge For China
China will have a strategic link that will give it an edge on trade by using this technology. Any business that wants to participate in the project and commerce with China will be able to use the technology.
Some of the current partners of this initiative include the China-ASEAN Information Harbor, Suzhou Cross-E-Commerce, Korea Trade Network, PT-EDI Indonesia, Trade-Van Information Services and the Commodities Intelligence Centre.
According to Eugene Wong, which acts as the CEO of both GeTS and CrimsonLogic, the new technology will help the people involved to create more trust among the countries involved and will increase their trades. This way, the CEO envisions to create a new global trade platform that will facilitate the trade in Asia.