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.Â