Bitcoin, Crypto currency, Blockchain

Singapore: the Blockchain is to strengthen the sea trade on China’s silk road

The Singapore E-Government provider crimson logic has this week the block-chain based trading platform Open Trade in a Block on the way. The company, which belongs to almost the same Share in the Ministry of trade of the country and the international port operator PSA International, will chains in the South East delivery Asian internal trade on a secure footing. Especially the foreign trade of the ASEAN-Association in the context of China’s Belt and Road Initiative and the Maritime silk road, to the platform’s strengths.

Open Trade Blockchain (OTB) – the trading platform which has brought the Singapore’s E-Government provider crimson logic in this week. The Name is program: Safe sea trade between the States of the South East Asian ASEAN-Association of China, the Mission has written to the company, which belongs to the half of the Ministry of Commerce of the Blockchain enthusiasts in Singapore, on the Flag.

Thus, crimson logic has two objectives. The Singaporeans want to facilitate the internal trade of the Southeast Asian ASEAN countries with each other. To belong to the Association of nearly all the southern neighbors of China with Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. On the other hand, however, they wanted to strengthen, particularly against companies and countries, the exchange with the regional trade giant. China is, in turn, is currently in the course of its Belt-and-Road-trade initiative (BRI), particularly with a view to the sea trade on a course of expansion, and more economic interdependence with its neighbours.

“We believe that the Blockchain technology can increase the level of trust between the cross-border trade partners of the ASEAN, and along the Chinese BRI and the southern transport corridor. So, the volume of trade between ASEAN and China could be the largest overall between the two regions“,

crimson logic Board Eugene Wong describes the Vision of the company.

In addition, the accompanying press release:

“The OTB connects China with the Rest of the Region. This greater connectivity will open up more strategic options, to have on China’s BRI.“

Chains to secure delivery, to create trust

In this context, the Blockchain is to provide platform for the future operating in the Region trading partners access to all of the common commercial documents. The goal is, it, ports, distribution companies and shipping companies supply chain security and transparency guarantee.

As Nodes the transactions, a wide variety of company you want to function for data security, Indonesia, China, and South Korea. Furthermore, the digital infrastructure of the platform for all trading partners should be openly accessible. So this should be able to of the respective companies.

Customers will not have to wait long, betrays the views of the company crimson logic. So the Software provider to the other half belongs to the port operator PSA International. As one of the world’s largest of its kind PSA International operates numerous ports in China and the Region, but in locations distributed around the entire globe. So for example, ports in Buenos Aires, in Antwerp, Belgium or Saudi Arabia belong to the group. The Blockchain should be proven solution in Southeast Asia is likely to be looking for further fields of application, therefore, for a long time.

Background: The Strait of Malacca as an important link in the Maritime silk road

Today is not only a third of world trade, but also the largest part of the export of goods and China’s energy supply.flow through the Strait of Malacca between Singapore and Indonesia

However, it is to Beijing, an increase of the goods traffic on the second most-traveled trade route. In the course of his BRI of the Expansion of the Maritime silk road belongs to, wants to in China, in particular, the Maritime trade in the Persian Gulf, to North Africa and not least of all the ASEAN countries to boost.

Who is afflicted, however, the problem (trade-)political fabric of the Region considered, to identify quickly the purpose of the Blockchain Initiative. In addition to efficiency efforts, the OTB is mainly to ensure trust and transparency between the trading partners.

While China has for years been the largest sales market of the South-East Asian foreign trade, the ASEAN are dependent on the investments of Beijing in the regional infrastructure, and both regions are part of the free trade agreement ACFTA. Nevertheless, tariffs, political reluctance and mistrust in the relationship between Jakarta and Beijing remain firmly rooted. Especially the economically rapid rise of the middle Kingdom, as also the BRI, judging by the ASEAN with concern. With its roots on the one hand, in their own colonial history, and on the other hand, least of all the aggressive Chinese Expansion in the South China sea.

So the ASEAN States maintain with the people’s Republic, an ambivalent relationship. At least parts of this node could be solved by the OTB.

Leave a Comment