The Singapore government, together with the International Chamber of Commerce (ICC) and 16 other companies, including Mastercard, Mitsubishi Corporation, DBS Bank, Tokyo Marine and Marubeni Corporation, have partnered to promote the adoption of digital technologies in commerce, including Use blockchain, according to a press release.
The new partnership is part of the ICC TradeFlow Alliance, which uses the TradeTrust digital trading platform created by the Singapore-based blockchain company Perlin. The impetus behind the initiative is to move from paper-based systems to digital commerce, which will supposedly reduce time and operating costs, as well as reduce the incidence of fraud and human error.
“Among commercial processes, trade and commercial financing remain the most expensive, with reams of physical paper that need to move from one place to another to establish authenticity and ownership. Digital technology, especially the distributed book, are well oriented to solve this, but this requires the coordination of the main players on a global scale. «Said DBS Bank about the association.
All the companies involved stressed that they should integrate the technologies promoted by the initiative in their companies and said that there is a "tremendous opportunity" to take advantage of digital solutions and allow faster transactions in commerce, in addition to improving efficiency and overall transparency in the operations.