CrimsonLogic Out Of Singapore Releases New Blockchain Service For Logistics & Shipping
The blockchain company CrimsonLogic out of Singapore has finally unveiled a new shipping and logistics system, built on blockchain, to help improve and operate the trade industry of Asia.
CrimsonLogic, the Singaporean-based company providing digital services, released a shipping & logistics service, built on blockchain technology. It will improve the way security is handled as well as efficiency, making the industry more transparent, to improve international relations for the purpose of trading across Asia.
The new development is said to be outstanding, as the company has made some very bold claims about it. It will be called GeTS, standing for Global eTrade Services and OTB, or Open Trade Blockchain. The system is the first in Asia to allow for cross-border blockchain services in the trade industry, running parallel with China’s Belt Road Iniative or BRI as well as the SOuther Transport Corridor.
“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,” CrimsonLogic and GeTS Chairman Eugene Wong said.
The company is attempting to use blockchain technology to improve the levels of trust when performing cross-border transactions in ASEAN, also on BRI of Chain or the Southern Transport Corrido. The volume of trade will also improve between China and ASEAN, making it the biggest transaction ever made between two separate regions, and the company is hoping to be responsible for it.
CrimsonLogic has also described the two platforms (GeTS OTB) as a blockchain system that operated on a permission-based network. It operated through the use of nodes hosted on trusted, accredited trade compliance firms. The system also improves the safety of sharing documents on trade like commercial invoices or certificated of origin, for example. One of the primary purposes is to perform all transactions with total and complete transparency.
GeTS is making deals as you read this with China-ASEAN Information Harbor, Commodities Intelligence Center, and Suzhou Cross-E-Commerce. The new company will provide more partners with better services in the Trade-Van Information Services, korea Trade Network and PT-EDI of Indonesia.
The new release of the platform of the GeTS OTB comes following Singapore’s release of their Pacific International Lines, beta tested cargo tracking system, built on the blockchain. The platform facilitates trades between Chongqing, China, Singapore and on the Southern Transport Corridor. The new test was made between a collaboration of IBM and PSA.
Just this last May, the Filipino Entrepreneur Eugenio Ynion Jr. Launched XLOG, a company built on blockchain technology for use in end-to-end logistics and shipping systems, with the purpose of running the entire industry. CEO of Shiptek (Ynion), also stated that XLOG is the only platform on blockchain technology with the purpose of finding solutions to every problem in the logistics and shipping industries.