Verifiable.Trade Foundation launches and introduces

The company introduces the International Secure Trade Transfer Protocol (ISTTP), an open-source and universal protocol set to unify all trading parties and digital platforms.

The digitalisation of trade

Trade plays a key role in allowing companies to participate in the global economy, expand their markets, and access goods and services not available domestically. In theory, economies can thus grow more efficiently and become competitive economic participants more easily.

However, part of the industry is still operating with paper-based processes and a fragmented digital ecosystem, which leads to inefficiencies. The barriers to international trade are policies that governments implement to protect domestic markets. These include subsidies, tariffs, quotas, import and export licences, and standardisation. While multiple solutions exist, most are proprietary, creating digital silos that fail to address industry-wide challenges.

The digitalisation of trade transforms it in scale, scope, and speed, providing new ecosystems for exchange and helping firms, including SMEs, better connect with customers. This leads to the trade of services that were previously considered non-tradeable, such as health services, and trade in new industries, including cloud computing, fintech, and intermediation services.

New protocol for unifying integrational trade

VTF plans to tackle the challenges of traditional trade by implementing ISTTP, which enables collaboration among businesses, financial institutions, governments, and service providers. The protocol incorporates security processes and verification of organisational identity and data authenticity, which ensures data and digital documents exchanged between all participants are verifiable, secure, and private while retaining sovereignty and remaining legally compliant.

By creating this universal protocol, VTF aims to take steps towards a fully digital and borderless trade environment, making the process more inclusive and efficient. The company is committed to fostering industry-wide adoption of ISTTP through partnerships with trade associations, standards organisations, financial institutions, and regulatory bodies.