The global blockchain for trade finance
International trade has existed for thousands of years and involves the exchange of capital, goods, and services across international borders. International trade represents a significant share of Gross Domestic Product (GDP) of most countries.
Trade finance is an umbrella term for all the monetary activities related to commerce and international trade - lending, the issuance of letters of credit, factoring / invoice discounting, export credit and insurance.
Trade financing protects against the unique risks of international trade - currency fluctuations, political instability, and issues of non-payment & creditworthiness.
The entities involved in trade finance include importers & exporters, banks & financiers, insurers & export credit agencies, freight companies (air, road, sea, rail), government agencies, service providers.
The market for trade finance is estimated to be above US$ 12 trillion annually. (Source: World Trade Organization).
The problem & pain-points
- Errors and delays due to manual processes.
- Default risks in invoice factoring due to lack of transparency.
- Delays and frauds due to manual Anti-Money Laundering (AML) review.
- Delayed payments and fraud risk due to multiple intermediaries and data silos.
- Fraud risk due to unverifiable trade documents.
- Paper-based documents are costly to store and share and difficult to authenticate.
TRADE-Chain is the global trade finance blockchain for the US$ 12 trillion trade finance sector.
Today, the Internet enables the movement of data (videos, text, photos and more) globally in milliseconds. But try moving value and you will be surprised by the costs, inefficiencies and time delays. Blockchain is a revolutionary technology that enables "internets of value" that can move value in seconds - money, trade documents, financial securities and more.
- Anti-Money Laundering review
- Auction of goods and freight contracts
- Blockchain based authentication
- Cargo tracking
- Cross border and domestic trade payments
- Electronic Signature Engine
- Encryption Engine
- Factoring / invoice discounting platform
- File and data storage
- KYC and Digital Identity
- Loyalty program
- Rating and review platform
- Supply chain transparency and counterfeit reduction
- Trade documents issuance and sharing
TRADE-Chain reduces errors, fraud, cost & timelines and increases revenue, transparency, auditability and efficiency.
TRADE-Chain nodes are operated by:
- Importers & exporters,
- Banks & financiers,
- Insurers & export credit agencies,
- Freight & logistics providers,
- Government agencies,
- Service providers.