The Singapore-based company CrimsonLogic has launched a blockchain platform for cross-border trading. The blockchain platform is launched by a company that is an e-government provider and is owned by the state and a port operator. The work on the new platform will be carried out by its subsidiary division called GeTS.
WHY IS IT IMPORTANT?
1. The Open Trade Blockchain platform is referred to create a link between ASEAN (an organization of Southeast Asian countries) and the Great Silk Road. With its help, companies will be able not only to trade and access commercial documents in the supply chain but also to develop decentralized applications for their needs.
2. The new platform will strengthen the transparency and trust of the trade activities from China to ASEAN.
Chairman of CrimsonLogic and GeTS Eugene Wong said that blockchain development will increase trust between traders from different ASEAN countries. The company is also hoping that the volume of trade between ASEAN and China will grow as they will be ready for this with their solution. CrimsonLogic is the operator of e-government services in Singapore. Its largest shareholder is the government agency under the Ministry of Commerce IE Singapore. Another 45% stake in the company is being held by the port operator of South America, Southeast Asia, and Europe PSA International. GeTS was launched in 2017, for 12 months of operation it carried out more than 10 million transactions.