Blockchain development firm Perlin Network and the International Chamber of Commerce (ICC) have announced a joint project to launch the Center of Future Trade (CoFT) to promote further blockchain adoption in Singapore. The initiative has received support from Enterprise Singapore, the state agency tasked with the nation’s trade activities.
TokenPost reported that CoFT will be an open digital platform that promotes distributed ledger technology (DLT) and blockchain adoption across several industries, from metals, minerals, and energy to agricultural commodities and household goods.
Dorjee Sun, CEO of Perlin Network, said in a statement, “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.”
The newly-announced CoFT aims to provide assistance to companies looking to shift from paper-based systems to digital blockchain-based platforms and smart contracts.
Enterprise Singapore has been an avid proponent of the development and implementation of blockchain technology.
Satvinder Singh, Assistant CEO of Enterprise Singapore, said, “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.”
The ICC, meanwhile, has announced that it will connect its 45 million members worldwide, including Amazon, Coca Cola, and PayPal, with the platform, allowing companies to use blockchain for activities such as trade financing and anti-counterfeiting.
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