Singapore Trade Network to Be Linked with China’s Blockchain Service Network
Enterprise Singapore (ESG) and the Singapore University of Social Sciences (SUSS) has rolled out Blockchain for Trade & Connectivity (BTC) Network. The BTC Network, which has got nothing to do with Bitcoin, paves way for blockchains to be compatible with each other and also other technologies, for instance IoT.
The project collaborators include China’s Blockchain Based Service Network (BSN), Global E-Trade Services (GeTS), and public enterprise blockchain VeChain. Notably, the revelation was done on the foremost day of the Singapore Week of Innovation and TeCHnology (SWITCH).
Singapore being one of the world’s major centres for commodities trading, the network intends to trial blockchain tools with digital trading platforms, logistics enterprises and other tech firms.
This is to enhance blockchain interoperability with prevailing networks and platforms, embed networks and technologies throughout Asia. The platform will focus on SMEs.
The MoU (Memorandum of Understanding), inked by six commercial associates, has been hashed and uploaded on VeChain‘s blockchain, demonstrating the immutable nature of blockchain. BTC Network will embed with the BSN venture supported by the State Information Center of China (SIC), which intends to assist individuals and small firms to deploy blockchain.
Furthermore, it will be embedded with Singapore government supported trade network GeTS, which is spread across Asia and also has a blockchain record validation facility. Also, the network is backed by Commodities Intelligence Centre (CIC), which facilitates platform for physical trading of commodities, partly supported by GeTS and SGX.
The necessity for digitization has been quickly understood in countries across the globe due to the impact of Covid-19 pandemic. The blockchain venture, backed by Singapore’s National Research Foundation, intends to eliminate trade limitations for a better linked and safe digital trading future.
Satvinder Singh, ESG’s Assistant CEO said “Assuring reliable supply chains and trusted connectivity to the world are key considerations that will maintain our status as a trade and connectivity hub. Through the BTC network, we can connect enterprises with Institutes of Higher Learning, to co-create or adopt digital solutions that will promote greater efficiency and transparency across global supply chains.”
Singapore continues to witness considerable activities related to blockchain and digital currencies. The country established TradeTrust to assist in building norms so that trade blockchains are compatible with each other. The venture has received approval from the International Chamber of Commerce (ICC) and several companies.
Another step taken by Enterprise Singapore is the launch of Singapore Trade Finance Registry (TFR) in recent times. It includes 14 banks such as DBS and Standard Chartered. It intends to limit trade funding scams following numerous noted failures of commodity traders.