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Asian Banking Giant DBS to Join Hands with Singapore Government To Launch Blockchain Trade Platform

  • November 09, 2019 09:56 PM AEDT
  • Team Kalkine

DBS- Asian banking giant and Trafigura Group- the multinational commodity trading firm joins hand to tap the blockchain.

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  • Both the firms, coupled with the International Chamber of Commerce and Singapore Government, are aiming to reduce paper-based global trade;
  • Perlin- a distributed ledger tech-firm to offer blockchain background to build an open-source platform;
  • DBS claims the platform to cut end-to-end document transit time from about 45 days to only 20 days.
  • As per the press release of the parties involved, USD 20 million trade in iron ore from Africa to China would be the first transaction.Â

 


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