Hong Kong’s Swivel to Improve Supply Chain with Blockchain

Asia Blockchain Review
October 22, 2019
Hong Kong’s Swivel to Improve Supply Chain with Blockchain

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.

Blockchain-Powered Supply Chain Platform

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.

Singapore-Backed Blockchain Initiative

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. 

Source: https://www.ledgerinsights.com/ 

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Blockchain Enables Verification of COVID-19 Immunity
    Given the virus is not going to disappear in a hurry and we are some time away from vaccinating the ...

    November 21, 2020

    Illicit Cryptocurrency Activity: A Concern
    Market regulators such as SEC has accepted cryptocurrencies as a financial instrument and are consta...

    November 20, 2020

    IBM Using Blockchain to Help Businesses Reopen during COVID-19
    IBM’s healthcare unit, IBM Watson recently announced that they will soon be launching an app to supp...

    November 20, 2020

    Canadian Pacific Railway Collaborates with TradeLens
    Canadian Pacific Railway recently collaborated with TradeLens in a bid to improve its efficacy as an...

    November 19, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us