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 It aims to replace outdated, analog communication methods with digital solutions, thereby significantly reducing time and costs associated with shipping transactions.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 In an ever-changing world marked by harsh competition, such lenghty and expensive processes are completely outdated.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