Using distributed ledger technology, TradeTrust will provide proof of authenticity and origins of documents. The current open-source software release is also able to offer title transfer electronically. This functions alongside legal harmonisation to recognise these digital documents.
When TradeTrust is paired with Swift's ability to securely transport industry-standardised electronic trade messaging, scanned hardcopy documentation and digitally signed assets, this will pave the way for the seamless exchange of electronic trade documents globally. IMDA and Swift will work with a group of financial institutions, including DBS, HSBC, JPMorgan and Standard Chartered Bank, to support the community in its trade digitalisation efforts.
Earlier this year, IMDA signed a cooperation agreement with the International Chamber of Commerce and 17 multinational firms to move from paper-based processes to digitally-enabled ones.For daily updates on weekdays and specially selected content for the weekend. Subscribe to
Source: News Formal (newsformal.com)
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