Perlin, Singaporean companies & govt to launch open source blockchain commodity trade platform

DBS Bank and Trafigura, in collaboration with Infocomm Media Development Authority (IMDA), the International Chamber of Commerce (ICC), Enterprise Singapore, and tradetech Perlin aim to connect trade partners across borders and streamline manual paper-based trade processes to improve trade flows.

The platform’s pilot trade of USD 20 million worth of iron ore will be shipped from Africa to China in November 2019. Built on IMDA’s TradeTrust network infrastructure and powered by Perlin’s blockchain technology, the platform is designed to be interoperable with existing and future digital trade platforms.

This approach will enable companies based in digital harbours like Singapore to continue seamlessly trading with countries governed by traditional paper-based systems. All parties on the blockchain platform are also able to send, receive and act upon trade instructions in real-time, cutting the end-to-end trade document transit time by more than half from 45 to 20 days.