ICC has joined DBS Bank, Trafigura, Infocomm Media Development Authority (IMDA), Enterprise Singapore, and Perlin to launch ICC TradeFlow, a pioneering blockchain platform designed to streamline trade processes for business.
ICC TradeFlow will allow businesses to visually map out trade flows, issue instructions to partners, and analyse trade actions in real time. On the platform, businesses can upload, verify, and modify trade documents, as well as act upon instructions from trading partners. Other components of the platform include a trade clock to keep progress of a particular transaction, as well as anti-fraud protections for shipping and documentation.
Later this month, the platform will pilot a cargo shipment of iron ore from Africa to China worth $20 million.
On the launch of the platform, ICC Secretary General John W.H. Denton AO said: “ICC TradeFlow has the power to simplify and transform global trade by reducing barriers for small- and medium- sized enterprises (SMEs) and unifying the trade documentation process for business everywhere.
“We will continue to collaborate with business and government to maximise the benefits of the digital economy and ensure the free flow of global trade for all,” Mr Denton added.
ICC TradeFlow is the latest product to be developed by the Centre for Future Trade, a Sinagpore-based innovation hub established by ICC, Perlin and Enterprise Singapore. In October, ICC, Perlin, and the Singapore Shipping Association, launched the International E-Registry of Ships (IERS) – a digital blockchain ship registration system. The IERS aims to standardise the ship registration process to reduce costs and fraud experienced by business.
As ICC prepares for the next century of global business, the institution will continue to work with Perlin to distribute innovative blockchain products aimed at modernising global trade and reducing barriers for SMEs.