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Singapore Launches Pilot of TradeTrust Blockchain Shipping Initiative

TradeTrust, which aims to leverage blockchain to streamline complex manual processes involved in international shipping, will first focus on blockchain-powered electronic bills of lading (EB-Ls).

As part of the TradeTrust pilot, the IMDA will also gather feedback on the initiative, as well as requesting industry advice on how to best implement it in future.

“TradeTrust is an initiative to develop a set of standards to help businesses securely exchange digital trade documents,” the publication quoted Singapore’s Minister for Communications and Information, S. Iswaran, as telling parliament on March 4.

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