- Friday, May 31, 2019 5:53PM IST (12:23PM GMT)
The CENTRE OF FUTURE TRADE will serve as an open digital platform to deploy blockchain commercial pilots and drive innovation in the global commodities industry, potentially benefiting 45 million business members globally.
Singapore:
Perlin Network and the International Chamber of Commerce (ICC) will establish a regional Centre of Future Trade (CoFT). Announced at the annual Global Trader Dialogue, Enterprise Singapore, the government agency that drives the growth of Singapore as a hub for global trading, will work with Perlin and ICC to coordinate and drive commercial adoption of leading-edge blockchain technology by major commodity players. A key goal of the CoFT will be to help companies transition from existing paper-based systems to digital blockchain-based platforms, which are significantly cheaper, faster, more secure and efficient.
Welcoming this private sector-led initiative, Mr Satvinder Singh, Assistant CEO of Enterprise Singapore said, “Enterprise Singapore is pleased to see the ICC and Perlin working together on the CoFT, which embraces the use of innovation and technology as drivers of transformation for the commodities trading sector. The Centre capitalises on Singapore’s strengths as a leading trading hub, its skilled talent pool, and strong connectivity to the rest of the world. With CoFT, Singapore-based international trading companies will have more opportunities to test and develop strategies and new technologies that will put them in good stead to succeed in the ever-evolving trading industry.”
Perlin is already deploying pilots across a wide range of commodities based on applications it has already developed. The first is Perlin Clarify providing full value chain traceability, to tap the vast and growing market for solutions working towards the UN’s sustainable development goals (SDGs), which is estimated to open up $12 trillion in market opportunities. The second is Perlin Certify enabling product authentication as a powerful anti-counterfeiting measure to attack global black markets for counterfeit goods, which (if unabated) are expected to grow to $2.8 trillion and cost 5.4 million jobs by 2022.
The ICC, with 45 million members globally, will also actively support the new CoFT by connecting its members to the platform. As recently announced, Perlin has partnered with the ICC to engage with its vast member base in 130 countries to drive blockchain adoption globally – with a strong focus on fostering more sustainable industries. Perlin announced the ICC adoption initiative at its recent 100 year anniversary summit in Paris.
“As the world’s largest business organization representing 45 million companies and more than 1.2 billion employees globally, ICC is uniquely positioned to effectively encourage the uptake of blockchain-based technologies at scale,” said John Denton AO, Secretary General of the ICC. “Through our collaboration with Perlin, we aim to create opportunities for our members to tap into blockchain’s tremendous potential in areas such as supply chain traceability, trade finance and anti-counterfeiting.”
Singapore is home 80% of the world’s top oil and gas, metals and mining and agricultural companies.
“Perlin is proud of securing strategic and financial support from Enterprise Singapore to help move trading and commodities businesses away from paper-based systems to modern blockchain, distributed digital platforms like Wavelet, Clarify, Certify and smart contracts in trade finance,” said Dorjee Sun, CEO of Perlin. “As a thriving hub for global trade and a vital gateway to Asia, Perlin is in Singapore as a key strategic base for deploying powerful new blockchain applications to power the future of trade.”
