TradeTrust

TradeTrust comprises a set of globally-accepted standards and frameworks that support the exchange of electronic trade documents. This is achieved through a public blockchain offering interoperability to connect governments and businesses.

Working with various agencies and industry partners both locally and overseas, Singapore seeks to develop an interoperability framework, “TradeTrust”, for the exchange of digital trade documentation. This will enable a more seamless and efficient flow of goods between digitally inter-connected trading partners.

TradeTrust aims to reduce inefficiencies and complexities of cross-border trade arising from the current paper-based documentation, such as the bill of lading. This lowers operating costs for businesses and the risk of fraud while accelerating the digitalisation of cross-border trade processes thereby promoting more growth in trade.

• Increased efficiencies through certainty
  • Reduce the risk of receiving fake documents/information as sources will be accredited. Removes the need for repetitive checks by the various trade ecosystem parties to ascertain whether the documents/information received are legitimate.
• Reduced costs of paper documentation
  • Digitalising paper documents would eliminate costs associated with printing, including the handling and transportation of typically hundreds of pages amongst numerous parties. This will significantly reduce the costs of shipping.^[1]
• Support for new service offerings through inter-operability, visibility and control
  • Current digitalisation efforts are fragmented digital ecosystems consisting of silo groups of trade parties. TradeTrust will work with the current ecosystem to enable various enterprise and platform systems to be interoperable. Coupled with enabling legal validity of electronic trade documents, this can facilitate the creation of new service offerings.
  • TradeTrust could allow the convergence of physical, financial and document chains hence making automation of key processes possible. E.g. automating payments or the release of funds with the use of smart contracts when conditions are met.
  • Another possibility is to leverage the transparency and integrity of shipment events offered by TradeTrust to lower some of the risks for cargo insurance where underwriters can reinvent the way cargo insurance premiums are priced, i.e. instead of static pricing, they can dynamically price the premium as the cargo moves through its voyage.

^[1] https://www.ibm.com/blogs/blockchain/2018/04/enterprise-ready-blockchain-brings-transparency-to-supply-chains/

TradeTrust will be relevant for all parties involved in cross-border trade and logistics documentation processes, including:

• Shipping lines
• Shippers / Consignees
• Logistics Service Providers
• Financial Institutions providing Trade Financing services
• Trade and logistics related Platform Providers
• Overseas Government Authorities involved in cross-border shipment clearances

Latest updates available at: https://tradetrust.io

Email your enquiries to: tradetrust@imda.gov.sg

Download TradeTrust open source codes: https://github.com/TradeTrust

Download our newsletter [1st Issue] here (1.60MB)

Download our newsletter [2nd Issue] here (1.52MB)

1. To co-create TradeTrust Proofs of Concept

If you're from

• Shipping lines
• Shippers / Consignees
• Logistics Service Providers
• Financial Institutions providing Trade Financing services
• Government Authorities involved in cross-border matters

2. Integrate TradeTrust source code into your platform/applications

If you're from

• Tech companies
• Solutions providers
• Organisations with in-house platforms

For more info, get in touch with us at: https://tradetrust.io