Recently, CrimsonLogic has announced the launch of a blockchain platform focusing on cross-border trade. The company is owned by a government agency and is a major port operator.
The blockchain platform is known as Dubbed GeTS Open Trade Blockchain, it is a kind of permission network that is run and validated by accredited trade compliance firms acting as nodes.
The company is focusing on enabling different parties such as ports, shipping companies, and customers, to view and transact trade-related documents in a distributed way to improve supply chain efficiency and transparency.
The chairman of CrimsonLogic and GeTS stated -
"We believe that our blockchain technology can help create greater trust amongst cross-border traders in ASEAN and along China's Belt Road Initiative and Southern Transport Corridor. Trade volume between ASEAN and China would become the single largest transaction between two regions and we hope to facilitate this."
The blockchain is very fast emerging technology nowadays all small and big countries are opting and contributing for blockchain technology continuously. This all implies that blockchain is the new future of the IT industry.
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