DBS- Asian banking giant and Trafigura Group- the multinational commodity trading firm joins hand to tap the blockchain.
- 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.
There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.
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