DBS Bank Partners With Singapore Government to Launch Blockchain Trade Platform
Asian banking giant DBS and multinational commodity trading firm Trafigura Group are tapping blockchain to facilitate global trade.
Alongside the Singapore government and the International Chamber of Commerce, these firms are looking to reduce the number of paper-based processes involved in global trade. Distributed ledger technology firm Perlin is providing the blockchain background to build the open-source platform, dubbed ICC TradeFlow.
DBS claims the new platform will connect partners from different countries, reducing end-to-end document transit time from 45 days to just 20. A $20 million trade in iron ore from Africa to China is expected to be the first transaction processed, according to a press release.