Singapore Government Partners with Perlin to develop International Trade Platform on Blockchain
On 6th November 2019, the blockchain technology company Perlin announced new project within their partnership with the International Chamber of Commerce (ICC), the Infocomm Media Development Authority (IMDA), the DBS Bank and the Trafigura physical commodities trading group.
The entities listed above have launched a collaborative effort with the government of Singapore to gradually move the backoffice processes of international trade from paper to blockchain, via a new tradetech infrastructure— the ICC TradeFlow.
The project builds on the already present IMDA’s TradeTrust network as a base.
This base ensures the new trade platform’s compatibility with the existing rudiments of digital trade infrastructure on which the global connectivity of Singapore relies.
Pilot scheduled for November 2019
According to the project outline, international trade to and from Singapore is to continue seamlessly through the transformation, but the trade document transit time is expected to decrease by more than half from 45 to 20 days.
However, the future of the project depends on the results of the November 2019 pilot — a 20 MM USD iron ore deal between Africa and China.
John W.H. Denton AO, theSecretary General of the International Chamber of Commerce, said:
“ICC TradeFlow is a transformative enterprise tool that we will champion for adoption internationally. With IMDA’s help and working with Trafigura and DBS, the ICC TradeFlow platform has good chances to gather the critical mass needed for an industry-wide shift.”
Backed up by the Tech: Perlin’s Wavelet Ledger
The distributed ledger that Perlin uses is called Wavelet.
- Supported by 2019 banchmarking results, Wavelet claims much higher transaction throughput than common public blockchains.
According to the benchmark, the latest version of Wavelet ledger as implemented by Perlin can process up to 31k transactions per second, which is more than 20x higher than the pre-benchmark estimate originally published by Perlin in the 2018 version of their whitepaper.
- Wavelet uses a proof-of-stake algo, but the computational layer takes from DAG (directed acyclic graph, made famous by IOTA).
- Wavelet is Sybil-resistant with a privacy layer and made for dApp development.
DT / thebusinessofcrypto.com