SINGAPORE (July 19): Global eTrade Services (GeTS), a subsidiary of CrimsonLogic, has launched Open Trade Blockchain (OTB), an inclusive and extensible blockchain service built for the trade communities to boost overall efficiency, security and transparency for global trade. 

It is also the region’s first cross-border blockchain platform that is aligned with China’s Belt Road Initiative (BRI) and the Southern Transport Corridor.

CrimsonLogic is a leading provider of eGovernment products and services based in Singapore.

The OTB is a permissioned blockchain network run by trusted nodes which are hosted by whitelisted accredited trade compliance companies. It enhances the security of trade related documents, from Certificate of Origin, to Commercial Invoice and enhances the transparency and trust between shippers, freight-forwarders and customers.

For OTB users, the platform is built on an intuitive and user-friendly interface that makes it easy for all companies whether digitally-savvy or not, to utilise.

The geolocation of existing and upcoming nodes provides an extensive blockchain network across Asia. And with OTB linking China to rest of the region, it will provide a strategic edge to businesses wanting to participate in China’s BRI initiatives as it offers greater connectivity with country’s “Digital Silk Road”.

GeTS is currently assisting partners to provision blockchain nodes progressively. This includes partners such as China-Asean Information Harbor, Suzhou Cross-E-Commerce and Commodities Intelligence Centre.

Chong Kok Keong, CEO of Global eTrade Services (GeTS) says, “As we build on OTB, we  envision a more transparent and trusted environment for traders to better conduct their business.  We see tremendous potential in the open infrastructure of OTB, and I encourage the global trade and other communities to build blockchain services on OTB to better create a more transparent and secure environment for businesses.”