Blockchain Trade Platform Launches in Singapore with the Government support

Blockchain Trade Platform Launches in Singapore with the Government support

A Singapore-based e-government service provider, Crimson Logic, closely held by a  government agency and a major port operator, has proclaimed the launch of the blockchain platform centered on cross-border trade.

According to the press release, the firm’s fully-owned subsidiary GeTS started service on Wednesday. Dubbed GeTS Open Trade Blockchain is the platform that is an allowed network that is operated and validated by the accredited business compliance firm, which is known as Dubbed GeTS Open Trade Blockchain.

At the top of open infrastructure, companies can develop decentralized applications for specific requirements in the cross-border supply chain industry. To improve the target supply chain efficiency and transparency, enable different aspects like ports, shipping companies and customers view and trade documents related to the distribution in the distributed way.

Recently, crimson Logic’s largest shareholder (55 percent owned) is IE Singapore, which is a government agency under the ministry of trade and industry, which promotes the development of Singapore’s overseas business.

PSA International, which operates ports in South America, Southeast Asia and Europe, the remaining 45 percent became the other main stakeholder of crimson Logic through the acquisition of the firm in February.

The blockchain effort follows a pilot program organized by PSA and IBM  last year, which tested a proof-concept for supply chain partners to automate business document transactions through a distributed network.

Earlier this year, the companies claimed that business information has been successfully tracked and circulated throughout the border shipments from China’s Chongqing city to Singapore.

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