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Blockchain development firm Perlin Network and the International Chamber of Commerce (ICC) will establish a Center of Future Trade (CoFT) with support from Enterprise Singapore, the country’s trade authority, Dr. Koh Poh Loon, Singapore’s Senior Minister of State, Ministry of Trade and Industry, announced at the Global Trader’s Summit.
According to the press release, the planned CoFT will be an open digital platform and support blockchain and distributed ledger technology (DLT) adoption in the fields of agriculture, energy, household goods, metals, and minerals.
“Perlin is proud of securing strategic and financial support from Enterprise Singapore to help move trading and commodities businesses away from paper-based systems to the modern blockchain, distributed digital platforms like Wavelet, Clarify, Certify, and smart contracts in trade finance,” Perlin’s CEO Dorjee Sun said.
According to Forbes, Perlin’s blockchain is designed to allow users to track and move all types of value and write distributed applications (dapps) that do not depend on centralized processors. The CoFT aims to ultimately help companies shift from paper-based systems to digital blockchain-based platforms with the application of smart contracts and tokenized pilots.
The collaboration will see Enterprise Singapore providing strategic, funding, and network support for Perlin to develop and deploy pilots for this new technology.
“With CoFT, Singapore-based international trading companies will have more opportunities to test and develop strategies and new technologies that will put them in good stead to succeed in the ever-evolving trading industry,” Satvinder Singh, Enterprise Singapore Assistant CEO, said.
On the other hand, the ICC will connect its 45 million members worldwide, like Amazon, Coca Cola, and PayPal, to the platform. The world’s largest business organization also aims to give its members the chance to tap into the many capabilities of blockchain in areas including supply chain traceability, trade finance, and anti-counterfeiting.
Meanwhile, the ICC and Perlin Network recently signed an agreement to explore Perlin’s blockchain platform to simplify supply chains and cross-border trade finance process, Forbes reported. Perlin will become ICC’s official technology partner as it offers free access to its blockchain platform during the project’s early stages.
Capital markets platform iSTOX has also recently joined the Monetary Authority of Singapore’s Fintech Regulatory Sandbox to launch digitized securities trading late this year. The firm, which aims to move into full operation by 2020 as a fully regulated platform, has started onboarding its first batch of issuers and investors.
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