The company launched the blockchain platform through its fully-owned subsidiary GeTS, labeling it the GeTS Open Trade Blockchain Platform. The platform will function as a permissioned blockchain network comprised of trusted nodes operated by accredited participating companies.
Shippers, freight-forwarders and other key stakeholders in a trade flow will benefit from the blockchain platform, the press release added, due to enhanced security and seamless sharing of trade documents including a cargo’s origin certificate and commercial invoices.
In essence, the blockchain platform will offer a user-friendly interface with ‘drag-and-drop simplicity’ to share trade documents between port operators, shippers and buyers/sellers, enhancing transparency and efficiency in a trade and supply chain.
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