Blockchain secondary market for trade finance launches in UAE

Monday 25 February 2019 00:44 CET | News

UAE-based B2B marketplace Trade Assets has launched as a blockchain marketplace for trade finance with 25 banks.

According to Trade Assets, the solution is an independent e-marketplace which allows buyers and sellers worldwide to list assets for sale, bid for assets to buy, negotiate better pricing and exchange relevant documentation. Instead of emailing information which is insecure, encrypted data is shared securely via the platform powered by blockchain.

Trade Assets says that the system doesn’t require complex integration. That implies that documents have to be uploaded to the platform. The company also noted that in designing the platform it ensured the process was consistent with current practice. The marketplace uses the Hyperledger Fabric blockchain protocol, and the technology partner was Bangalore-based KrypC.

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Keywords: trade assets, product launch, B2B marketplace, United Arab Emirates, UAE, Dubai, trade finance, Trade Finance Market, blockchain technology, Hyperledger Fabric
Countries: World