TradeWaltz uses blockchain technology to create the future of global trade

Description

TradeWaltzTM is a platform designed by TradeWaltz in partnership with NTT Data to revolutionize the global trade industry by digitizing its core functions and interactions. Utilizing Hyperledger blockchain technology, the platform enhances operational efficiency across commerce, logistics, and finance sectors. It aims to replace outdated, analog communication methods with digital solutions, thereby significantly reducing time and costs associated with shipping transactions. TradeWaltz also aspires to make it easier for small and medium-sized companies to break into the global market, improve remote work capabilities, and ensure robust data security for all stakeholders.

The platform’s future features include the digitization of compliance checks, real-time credit ratings, and the use of IoT sensors for shipment tracking.
In summary, TradeWaltzTM is a comprehensive solution aiming to redefine the landscape of global trade, offering enhanced efficiency, security, and accessibility.

WHY DO WE NEED TO DIGITALIZE GLOBAL TRADE PROCESSES?

Nowadays, the global shipping and trade system is analog and lags behind. A lot of these processes still rely on paper systems, which are slow and inefficient. All of this renders remote work almost impossible, and when crisis such as COVID-19 appears, it can have huge consequences. Digitalization would streamline processes and save time and money.

For example, according to TradeWaltz, a single transaction in Japan can take up to 72 hours and cost $350. In an ever-changing world marked by harsh competition, such lenghty and expensive processes are completely outdated. Blockchain technology can help settle transactions globally in seconds and at very low-cost.

FROM IDEA TO REALITY: HOW DID TRADEWALTZ DO IT?

Such projects require a lot of work in designing and implementing a platform due to the intricate complexities of the industry as well as compliance and privacy issues. To develop its platform, TradeWaltz chose Hyperledger. The platform will contain an user interface, an application layer and finally a blockchain layer, with multiple nodes distributed globally to foster reliability and authenticity. To improve speed, not all information will be recorded on the blockchain, but hash values. This will also help ensure data integrity as hash value can be compared.

Below is an illustration of the platform’s functioning:

Image source: Hyperledger’s website

Benefits & Outcomes
  • Replace outdated cross-industry communications with digital solutions.
  • Reduce time and hard costs of shipping transactions for clients across geographies.
  • Reduce obstacles for small and medium-sized companies to enter the global trade market.
  • Improve access to remote work and remote work technologies.
  • Ensure the security of information and data for all stakeholders.
  • Preserve data integrity and security
Links
Further Info

Global trade today is largely bound by traditional methods, characterized by:

– Reliance on manual, paper-based documentation and analog communication methods.
– Inefficient and time-consuming collaborations, especially among various international stakeholders such as banks, insurance companies, and government entities.
– High operational costs and time-consuming procedures, with some transactions taking up to several days.
– Significant barriers to entry for small and medium-sized enterprises due to high overheads related to manual processing and document storage.

With the implementation of TradeWaltz, leveraging Hyperledger Fabric, the global trade industry is set to solve the aforementioned issues:

– Enhanced operational efficiency with digitized documentation and streamlined processes.
– Real-time, transparent communication across all parties, enhancing trust and reducing delays.
– Lower barriers for smaller companies to enter global trade, fostering a more inclusive market.
– Improved remote work capabilities, enabling a more flexible and resilient workforce.
– Enhanced security and integrity of data, with blockchain technology ensuring the authenticity and confidentiality of trade information.
– Future expansion to include digitized compliance checks, real-time credit ratings, and IoT-based shipment tracking, paving the way for an even more interconnected and efficient global trade ecosystem.

Status

Project is live and is still developing. Research by Alexandre on November 2023.

© Antony Welfare 2024

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