Source: Akarat Phasura – Shutterstock
Maersk has completed the first fully paperless transaction process involving traders, shippers, and banks.
The VeChain blockchain offers solutions for product tracking with improved security, transparency and at a fraction of the cost.
Maersk last week announced the first live international trade using the TradeTrust Framework. The TradeTrust Framework is a blockchain trade initiative headed by Enterprise Singapore and Singapore’s tech authority IMDA. According to the announcement, Maersk used the revolutionary platform to issue an electronic bill of lading (eBL) for a shipment of scrap metal.
IMDA noted that “this is the first shipment to undergo a fully paperless transaction process involving traders, shippers, and banks.”
Singapore’s DBS Bank and India’s ICICI Bank were involved in the trade in that they relied on the eBL for trade finance. eBLs are critical documents in trade finance since the party with the document effectively owns the cargo. Moving to a paperless system prevents fraud, ensures transparency as well, and makes the process faster and cheaper.
Enterprise Singapore Deputy CEO Tan Soon Kim noted;
We are glad that with the demonstrated interoperability across platforms, traders can now get greater access to trade financing through more reliable trade documentation that meet the requirements of financial institutions,
The TradeTrust platform has been in development for the last four years. It is now deployed on the Ethereum blockchain and its layer 2 scaling solution Polygon. With the platform attracting some of the biggest cargo shipping companies and getting them to commit to 100 percent eBL within ten years, it is clear that the billion-dollar industry is transforming.
Why Choose VeChain
Competing platforms will emerge in the coming years, deploying through the revolutionary blockchain technology. Prominent companies looking to upgrade their system will look to tried and tested platforms such as Ethereum and VeChain.
Understandably, the platform utilized by Maersk is deployed on the Ethereum blockchain because it is more popular than most blockchain projects. But there are far more suited projects that specialize in supply chain management. One of those is VeChain which offers businesses solutions for product tracking in the supply chain industry through its distributed ledger technology (DLT).
In addition to incorporating specialized features and solutions such as Radio Frequency Identification (RFID) which enables VeChain to track essential data while it’s being transferred, its platform offers better scalability and lower fees.
VeChain has enjoyed massive success since its launch. The project has gone as far as working with the government of China. In its aim to enhance the supervision, traceability, and safety of its national food and beverage industries, the government of China has sought VeChain to build the government’s traceability platform.
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