Blockchain for Cross-Border Trade Operations Started By IBM, Japanese Firmsbr>
A group of Japanese financial and technology companies have joined forces to start a blockchain trial to verify the applicability of the technology for enhancing cross-border trade operations.
Companies participating in the project include Sumitomo Mitsui Financial Group, Sumitomo Mitsui Banking Corp., The Japan Research Institute, Mitsui & Co., Mitsui O.S.K. Lines, Mitsui Sumitomo Insurance Co. and IBM Japan.
During the trial, the companies will provide information of real trade transactions using a blockchain-based application, by which a wide variety of documents, including trade agreements and logistics and insurance documents, are digitized, recorded and shared among participants.
The test is intended to verify the effectiveness of blockchain technology for enhancing security and reducing the time required to settle cross-border trade transactions, discrepancies among related documents and administrative costs. The companies will compare the result of the trial against current operations and evaluate if the technology is viable in cross-border trade business operations.