Global eTrade Services (GeTS), an international trade platform, has officially announced that Hong Kong-based logistics technology provider Swivel Software Ltd and its entire network of customers will operate on GeTS’ Open Trade Blockchain (OTB), according to a report from PR News Wire.
Swivel is a logistics technology provider of software services that facilitate tracking features of goods for a supply chain of importers/exporters, truckers, forwarders, customs brokers, insurance and financial service providers, and air and ocean carriers. Swivel currently has stakeholders in more than 30 countries.
OTB is a permissioned blockchain of trusted nodes built to secure the exchange of shipment as well as commercial documents such as Bill of Lading, Commercial Invoice, Insurance and Contracts. Documents are embedded on a secure blockchain platform that ensures transparency.
As the blockchain is visible to all the players in the supply chain, possibilities of a document not being provided or going missing, or a document with the wrong information being supplied, is ultimately eliminated.
The immutable nature of the blockchain will be useful when conflicts or disputes occur, as the concerned parties can consult the documents on the blockchain to resolve the situation.
Chong Kok Keong, CEO of GeTS, stated:
“We are delighted that Swivel is leveraging on our blockchain platform to enhance their supply chain’s data authentication. By having peace of mind with the use of trusted data, we can make global trade more accessible, easier and predictable.”
“We are excited about this collaboration with GeTS and together be part of a global platform,” Mandy Mak, COO of Swivel, said. “Alongside with GeTS, we look forward to new endeavors and opportunities to offering more trusted and value-added services to our worldwide network customers in the supply chain sector.”
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