STABILITY Protocol Partners with Singapore's Infocomm Media Development Authority to Digitize Global Trade Documents

March 12, 2024 12:08 AM AEDT | By Cision

STABILITY Protocol Partners with Singapore's Infocomm Media Development Authority to Digitize Global Trade Documents — Image source: Kalkine Media

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SINGAPORE, March 11, 2024 /PRNewswire/ -- STABILITY Protocol has launched its flagship product, the Global Trust Network (GTN), a groundbreaking public blockchain that is free of cryptocurrency dependencies. GTN is set to redefine global supply chain operations with unparalleled efficiency, reliability, and cost reduction. STABILITY is thrilled to announce a partnership with Singapore's Infocomm Media Development Authority (IMDA) to harness GTN for IMDA's TradeTrust which aims to address the problems of paper-based international trade through digitalization.

TradeTrust is a framework that comprises globally-accepted standards that connect governments and businesses to enable trusted interoperability of electronic trade documents across digital platforms - offered as an open source digital utility.

The launch of STABILITY's GTN represents a monumental advancement for this digital transformation, offering a feeless platform to improve the adoption, trust, and interoperability of electronic documentation within international trade.

The collaboration between STABILITY and IMDA underscores both parties' commitment to fostering innovation and driving the digital economy forward.

A first of its kind, GTN is a public blockchain network that eradicates the need for cryptocurrency, thereby removing a significant barrier for users worldwide. This groundbreaking move simplifies the user experience and removes regulatory hurdles that have prevented blockchain adoption within the supply chain industry.

Klay Nichol, COO of STABILITY, expressed his enthusiasm about the partnership: "The IMDA's innovative framework, powered by the Global Trust Network, enables a new era of trade where the security and reliability of public blockchain technology is accessible and practical for all."

This collaboration further solidifies the importance of digital innovation in enhancing Singapore's position as a leading global hub for trade and technology.

"We chose to work alongside STABILITY to use the GTN because it aligns perfectly with our design principles and international collaboration," said Loh Sin Yong, Director, TradeTrust of IMDA.

In partnership with the IMDA, STABILITY is poised to launch future pilot programs; advancing the digitization of documents and processes within the logistics and supply chain sectors. GTN is a significant milestone in demonstrating the practical application of public blockchain technology to address real-world challenges, improving efficiency, security, and reducing costs on a global scale.

As STABILITY and IMDA move forward with this groundbreaking initiative, GTN is set to play a crucial role in shaping the future of global commerce, offering unprecedented opportunities across industries and borders.

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