Global eTrade Services (GeTS), a global trade platform company, recently announced the onboarding of Swivel Software Limited (Swivel) and its user base onto GeTS’ Open Trade Blockchain (OTB), a permissioned blockchain of trusted nodes intended for trade communities.
According to a report from Ledger Insights, Open Trade Blockchain provides registration and verification of trade documents such as bills of lading, insurance files, commercial invoices, and contracts. The immutable nature of the blockchain-based platform will greatly benefit supply chain stakeholders to audit, eliminate risks of fraud, and verify their integrity in the event of a dispute.
Users from over 30 countries will enjoy faster and more cost-efficient supply chain processes delivered by blockchain, according to Eugene Wong, Chairman of GeTS.
OTB currently has four operational nodes, three of which operate outside of GeTS. Powered by the Hyperledger Fabric platform, the blockchain sits on top of the GeTS platform and utilize existing integrations.
Global eTrade Services launched the Open Trade Blockchain last year with support from the Singapore government. Leading shipping company Pacific International is among the onboarded participants.
GeTS is a global leading trade platform company that aims to shape the future of the trade and supply chain sector with its innovative use of technology and deep G2B and B2B domain expertise. GeTS enables the orchestration of physical logistics, compliance, and financial requirements of trade and supply chain seamlessly, intelligently, and securely, thus powering global trade by making it accessible, predictable, and easier to fulfill.
The company has linkages to 28 customs nodes across the world, with more than 175,000 connected parties conducting more than 18 million transactions annually.
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