- VeChain is a founding member of the Blockchain for Trade & Connectivity (BTC) network.
- The initiative aims to promote interoperability between companies and the blockchain technology.
A few hours ago, Enterprise Singapore (ESG) and the Singapore University of Social Sciences (SUSS) announced the launch of the Blockchain for Trade & Connectivity (BTC) network on the first day of Singapore Week for Innovation and TeCHnology (SWITCH). The founding members include Global E-Trade Services (GeTS), China’s Blockchain Based-Service Network (BSN) and VeChain.
The Enterprise Singapore & Singapore University of Social Sciences has launched the Blockchain for Trade & Connectivity Network!#VeChain is a founding member of this regional supply chain initiative & the joint-MoU was stored on the $VET blockchain!https://t.co/f98Yl2zevW
— VeChain Foundation (@vechainofficial) December 7, 2020
The letter of intent was scanned and uploaded as a document symbolically on the VeChainThor blockchain to demonstrate the immutability and transparency of the blockchain. The initiative aims to increase and promote interoperability between the blockchain technology, IoT and companies worldwide:
The BTC Network allows for innovation and testbedding of blockchain solutions with multimodal global supply chaincompanies, digital tradingplatformsand technology specialists. Itwill focus on enhancinginteroperability between blockchains by integrating mesh networks to streamline connectivity between existing systems or platforms.
Prof. Michael Sung, Co-Director of the Fudan Fanhai Fintech Research Center at Fudan University, explains that interoperability is the most important component in the further development of digital trading platforms, but that there is a lack of suitable solutions to connect all systems with sufficient security:
There are numerous trade facilitation/trade finance platforms that have already been developed, but in most of these cases there is limited scaled use cases thus far since it requires both counterparties to be on the same platform.
The BSN includes numerous blockchain platforms to fill exactly this gap and promote interoperability:
Blockchain interoperability platforms such as the BSN can interconnect between these various platforms and provide the ability to connect opportunities together such that these platforms can achieve critical mass.
The BTC network will be integrated into the GeTS trading network supported by Singapore. This network has a massive reach in Asia and has a blockchain document verification function. Furthermore, GeTS is connected to the Commodities Intelligence Centre (CIC), a physical commodity trading platform. In this respect, the 6 founding parties of the BTC network argue that the corona pandemic has already highlighted existing bottlenecks in digitization and acts as a catalyst for current development progress.
Singapore is one of the most important international blockchain hubs and an innovation-friendly location for fintech and blockchain companies. Most recently, Singapore introduced TradeTrust to support the development of standards to support the use of blockchain technology in digital trading platforms. Another initiative of Enterprise Singapore is the launch of the Trade Finance Registry (TFR). This body comprises a total of 14 banks and aims to prevent commodity trading fraud when there is a failure on trading platforms.
VeChain opens up new partnerships worldwide
Most recently, VeChain entered into a cooperation with KnowSeaFood to serve a 102 billion USD target market. The company’s products are tracked along the supply chain and their authenticity is verified at the end customer. Industry insiders also confirmed that the VeChain ToolChain is much easier to integrate into existing business processes, such as the competing System Food Trust from market leader IBM.
In addition, VeChain also competes with well-known industry giants such as Google and Microsoft. VeChain’s traceability solutions can be used in a wide range of industries, such as the aforementioned seafood, cannabis, fashion, logistics and insurance.