* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Saturday, September 13, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Entertainment Community Fund Launches Program Supporting Entrepreneurs – Playbill

    Entertainment Community Fund Unveils Exciting New Program to Empower Entrepreneurs

    Behind the turntables: DJ Johnny Kage’s story of perseverance – yahoo.com

    Behind the Turntables: DJ Johnny Kage’s Inspiring Journey of Perseverance

    The other WWE star James Gunn wanted for Peacemaker instead of John Cena – yahoo.com

    The WWE Star James Gunn Originally Wanted for Peacemaker Instead of John Cena

    Quinta Brunson, John Stamos Join Entertainment and Technology Summit – Variety

    Quinta Brunson and John Stamos to Headline Thrilling Entertainment and Technology Summit

    ‘Breaking Bad’ star arrested for incident with neighbor. Here’s the latest – PennLive.com

    Breaking Bad’ Star Arrested Following Neighbor Dispute: Latest Updates

    Palmetto Sports & Entertainment to air Columbia Fireflies playoff games – WIS News 10

    Catch Every Thrilling Moment: Palmetto Sports & Entertainment to Broadcast Columbia Fireflies Playoff Games!

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    What if artificial intelligence is just a “normal” technology? – The Economist

    What if artificial intelligence is just a “normal” technology? – The Economist

    Lincoln Trail College Receives $100,000 Grant from Marathon Petroleum Corporation for Technology Center – wwbl.com

    Lincoln Trail College Lands $100,000 Grant from Marathon Petroleum to Elevate Technology Center

    Aston Martin to integrate Pirelli’s cyber tyre technology in future models – Just Auto

    Aston Martin to Revolutionize Future Models with Pirelli’s Cutting-Edge Cyber Tyre Technology

    Figure Technology’s stock sizzles after IPO, as investors stay hungry for crypto deals – MarketWatch

    Figure Technology’s Stock Skyrockets After IPO Amid Surging Crypto Investor Excitement

    AI is the ‘most transformational technology’ in our lifetime, AMD CEO argues – Fox Business

    AMD CEO Declares AI the Most Transformative Technology of Our Era

    PAR Technology (PAR) Unveils AI-Powered Assistant Enhancing Restaurant Operations and Customer Engagement – simplywall.st

    PAR Technology Unveils AI-Powered Assistant to Revolutionize Restaurant Operations and Boost Customer Engagement

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Entertainment Community Fund Launches Program Supporting Entrepreneurs – Playbill

    Entertainment Community Fund Unveils Exciting New Program to Empower Entrepreneurs

    Behind the turntables: DJ Johnny Kage’s story of perseverance – yahoo.com

    Behind the Turntables: DJ Johnny Kage’s Inspiring Journey of Perseverance

    The other WWE star James Gunn wanted for Peacemaker instead of John Cena – yahoo.com

    The WWE Star James Gunn Originally Wanted for Peacemaker Instead of John Cena

    Quinta Brunson, John Stamos Join Entertainment and Technology Summit – Variety

    Quinta Brunson and John Stamos to Headline Thrilling Entertainment and Technology Summit

    ‘Breaking Bad’ star arrested for incident with neighbor. Here’s the latest – PennLive.com

    Breaking Bad’ Star Arrested Following Neighbor Dispute: Latest Updates

    Palmetto Sports & Entertainment to air Columbia Fireflies playoff games – WIS News 10

    Catch Every Thrilling Moment: Palmetto Sports & Entertainment to Broadcast Columbia Fireflies Playoff Games!

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    What if artificial intelligence is just a “normal” technology? – The Economist

    What if artificial intelligence is just a “normal” technology? – The Economist

    Lincoln Trail College Receives $100,000 Grant from Marathon Petroleum Corporation for Technology Center – wwbl.com

    Lincoln Trail College Lands $100,000 Grant from Marathon Petroleum to Elevate Technology Center

    Aston Martin to integrate Pirelli’s cyber tyre technology in future models – Just Auto

    Aston Martin to Revolutionize Future Models with Pirelli’s Cutting-Edge Cyber Tyre Technology

    Figure Technology’s stock sizzles after IPO, as investors stay hungry for crypto deals – MarketWatch

    Figure Technology’s Stock Skyrockets After IPO Amid Surging Crypto Investor Excitement

    AI is the ‘most transformational technology’ in our lifetime, AMD CEO argues – Fox Business

    AMD CEO Declares AI the Most Transformative Technology of Our Era

    PAR Technology (PAR) Unveils AI-Powered Assistant Enhancing Restaurant Operations and Customer Engagement – simplywall.st

    PAR Technology Unveils AI-Powered Assistant to Revolutionize Restaurant Operations and Boost Customer Engagement

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home News

IMDA’s TradeTrust framework enables governments and businesses to issue, exchange and verify trade documents risk-free, with enhanced efficiency and affordability.

March 18, 2024
in News
IMDA’s TradeTrust framework enables governments and businesses to issue, exchange and verify trade documents risk-free, with enhanced efficiency and affordability.
Share on FacebookShare on Twitter

Logo

IMDA’s TradeTrust framework enables governments and businesses to issue, exchange and verify trade documents risk-free, with enhanced efficiency and affordability.

TRADETRUST:
SEAMLESSLY ENSURING
AUTHENTICITY FOR
SMARTER, SAFER TRADE

IMDA’s TradeTrust framework enables governments and businesses to issue, exchange and verify trade documents risk-free, with enhanced efficiency and affordability.

You may have heard of fraud cases involving the creation of counterfeit receipts for non-existent concert tickets or the placement of fake QR code stickers over authentic codes, leading to payments being redirected to scammers. Regardless of whether transactions are conducted online or in-person, verifying the authenticity of a payment invoice or receipt with absolute certainty can be challenging.

This is no less true when it comes to navigating the turbulent waters of the global trade landscape, where charting a safe path can be tricky. Imagine trying to verify the trustworthiness of each shipment’s documentation in a timely manner while sailing in a sea rife with dangers such as forgery and alteration, both of which lurk in the background.

This odyssey is further complicated by obstacles such as multiple intermediaries and excessive paperwork that hinder prompt, on-the-spot verification – thus disrupting the seamless journey of goods and commodities around the world.

THE SMARTER, MORE TRUSTWORTHY WAY TO DOCUMENT TRADE

In a bid to elevate trust and operational efficiency in the international trade sector, the Infocomm Media Development Authority (IMDA) has developed TradeTrust. This pioneering framework and digital utility empowers governments and businesses to securely generate, exchange and authenticate trustworthy documents, while also facilitating the seamless transfer of ownership titles across diverse digital platforms. To date, partners who have implemented TradeTrust include stakeholders in the shipping, supply chain, IT and finance industries.

While smart documents allow users to add signatures or fill in form templates, TradeTrust’s documents enable users to verify their provenance and authenticity by scanning a QR code – which is cryptographically secured for an additional layer of protection – or uploading the file in question, thus enhancing trust and reducing the likelihood of fraud.

As TradeTrust’s open-source code is available free of charge, businesses and solution providers can easily integrate it into their systems to issue, verify and transfer ownership of documents such as certificates of origin and bills of lading.

AN ACCESSIBLE, FLEXIBLE WAY TO VERIFY

TradeTrust holds revolutionary potential for the international trade industry, where fraud stands out as the primary cause of cargo losses.

The worldwide cargo trade, valued at around US$25 trillion (S$33.7 trillion), relies on an estimated four billion paper documents, which are vulnerable to being lost, destroyed, altered or counterfeited. Even electronic documents – such as digital invoices – can be duplicated and altered without a stakeholder’s knowledge.

“Conventional efforts to digitalise the shipping industry have so far resulted in fragmented, siloed ecosystems that impede efficiency in exchanging electronic documents,” said Mr Loh Sin Yong, director (TradeTrust), IMDA.

“TRADETRUST NOT ONLY RESOLVES THE LONGSTANDING ISSUE OF PAPER-BASED CROSS-BORDER TRADE, IT ALSO SERVES AS A TRUSTED GLOBAL FRAMEWORK THAT CAN ENABLE THE EXCHANGE OF ELECTRONIC TRADE DOCUMENTS ACROSS DIFFERENT DIGITAL PLATFORMS.”

– MR LOH SIN YONG, DIRECTOR (TRADETRUST), IMDA

TradeTrust, which is available for free download on GitHub, provides accessibility to businesses and organisations of all sizes. This includes small- to medium-size enterprises that may lack the resources to invest in expensive verification solutions.

As a digital utility, TradeTrust offers flexibility, too. In situations where paper is still required, printed TradeTrust documents are equipped with a QR code. When the code is scanned with a phone or device linked to the Internet, the document can be immediately verified on the TradeTrust website or via any TradeTrust-enabled solution.

Additionally, the TradeTrust framework’s integration with a public blockchain safeguards documents from tampering or counterfeiting risks. “No matter the number of hands a TradeTrust document passes through, or how many times it is printed or digitally shared, its integrity can always be confirmed,” highlighted Mr Loh.

WHEN GREATER TRUST SAVES TIME AND COSTS

TradeTrust transforms manual paperwork that used to take hours into tasks that can now be accomplished in minutes. This efficiency allows vessels to depart from berths earlier, leading to significant time and cost savings.

Each shipment of goods comes with a document known as the bill of lading (BL), functioning akin to a combination of a flight boarding pass and passport. This crucial document provides essential information about the goods – including their origin and destination – and outlines the terms of their carriage. In addition to serving as evidence for the contract of carriage, the BL serves as a receipt for the transported goods and a document of title.

Verification of the information in the BL traditionally entails an extensive exchange of paperwork, culminating in the vessel master signing off before the goods can commence their journey.

By eliminating paper processes, electronic BLs (eBL) – like those generated by the TradeTrust framework – have been anticipated to result in savings of approximately US$6.5 billion in direct costs for the maritime industry and unlock the potential for up to US$40 billion in global trade value.

In recognition of its innovation-driven impact on sustainability, TradeTrust was recognised with the World Summit Award (WSA) recently. Created as part of the United Nations World Summit on the Information Society’s framework, the WSA is awarded to digital developments that make significant contributions to the UN Sustainable Development Goals agenda.

PILOTING ELECTRONIC BILLS OF LADING, POWERED BY TRADETRUST

Embracing eBLs through a TradeTrust pilot project has empowered commodities trading firm Maptrasco to streamline operations, cut costs and most importantly, allocate resources for business expansion.

Mr Manish Khaitan, the company’s chief financial officer, noted that sending cargo documents through multiple couriers was both time-consuming and costly. While Maptrasco is based in Singapore, it ships cargo from the United States to India.

“Using TradeTrust, our appointed shipping line, Maersk, transfers the ownership of the eBL to Maptrasco,” he explained. “We verify the contents and check for any errors. All of our export documents are created based on this eBL.”

Once the checks are completed, Maptrasco relies on the TradeTrust portal or a TradeTrust-enabled solution to transfer the title of ownership for the eBL to its bank, DBS, for onward processing to the bank in India that issues a letter of credit.

“Done the old-fashioned way with paper, this transaction would take three to four weeks, as compared to five days using TradeTrust,” he said.

“LEVERAGING TRADETRUST BRINGS ADDITIONAL ADVANTAGES SUCH AS MINIMISING COURIER FEES, SIGNIFICANTLY REDUCING INTEREST BURDENS, EXPEDITING COLLECTIONS AND ULTIMATELY SHORTENING THE CASH FLOW CYCLE.”

– MR MANISH KHAITAN, CHIEF FINANCIAL OFFICER, MAPTRASCO

He believes that digital utilities like TradeTrust will play a key role in driving Maptrasco’s expansion: “Since we can better manage resources and be cost-effective at the same time, we are able to explore new opportunities. Going forward, this is the way to do business.”

With TradeTrust, businesses and governments globally can reliably issue, verify and transfer title ownership of documents, presenting a more intelligent and efficient method of trade.

SEEKING A SAFER TRADING EXPERIENCE?

Discover how TradeTrust enhances trust and streamlines cross-border trade.

FIND OUT MORE

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : ChannelNewsAsia – https://www.channelnewsasia.com/brandstudio/tradetrust

Tags: IMDA’snewsTradeTrust
Previous Post

Model and actress Cara Delevingne’s Los Angeles home destroyed in fire

Next Post

Jail terms of up to 7 years for 12 who stormed Hong Kong legislature in 2019

‘We’ve done it before’: how not to lose hope in the fight against ecological disaster – The Guardian

We’ve Done It Before”: Finding Hope and Strength in the Fight Against Ecological Disaster

September 13, 2025
AI Can Generate Code. Is That a Threat to Computer Science Education? – Education Week

Is AI-Generated Code a Challenge for the Future of Computer Science Education?

September 13, 2025
Aldi’s $7 Salmon & Sweet Potato Dog Food Has Pups Going Wild – yahoo.com

Aldi’s $7 Salmon & Sweet Potato Dog Food Has Pups Going Wild

September 13, 2025
What if artificial intelligence is just a “normal” technology? – The Economist

What if artificial intelligence is just a “normal” technology? – The Economist

September 13, 2025
Saints to sign DL Jonah Williams to active roster – Yahoo Sports

Saints to sign DL Jonah Williams to active roster – Yahoo Sports

September 13, 2025
‘No team is perfect’: Scotland hunt for historic World Cup upset against England – The Guardian

Scotland Sets Sights on Historic World Cup Upset Against England: “No Team Is Perfect

September 13, 2025
What’s happening this week in economics? – Deloitte

What’s happening this week in economics? – Deloitte

September 13, 2025
VNC Recap: The Shifting Economics of University Sports & Entertainment, From $2.8B Settlement, NIL and Mixed-Use Venue Design – Pollstar News

The Future of University Sports and Entertainment: From a $2.8B Settlement to NIL and Cutting-Edge Venue Designs

September 13, 2025
Health costs associated with pregnancy, childbirth, and infant care – healthsystemtracker.org

Breaking Down the True Costs of Pregnancy, Childbirth, and Infant Care

September 13, 2025
Treasury Department says it will ‘fully cooperate’ with House Oversight panel’s Epstein probe – CNN

Treasury Department Pledges Full Cooperation in House Oversight’s Epstein Investigation

September 13, 2025

Categories

Archives

September 2025
MTWTFSS
1234567
891011121314
15161718192021
22232425262728
2930 
« Aug    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (819)
  • Economy (838)
  • Entertainment (21,715)
  • General (17,016)
  • Health (9,881)
  • Lifestyle (853)
  • News (22,149)
  • People (841)
  • Politics (846)
  • Science (16,048)
  • Sports (21,338)
  • Technology (15,820)
  • World (820)

Recent News

‘We’ve done it before’: how not to lose hope in the fight against ecological disaster – The Guardian

We’ve Done It Before”: Finding Hope and Strength in the Fight Against Ecological Disaster

September 13, 2025
AI Can Generate Code. Is That a Threat to Computer Science Education? – Education Week

Is AI-Generated Code a Challenge for the Future of Computer Science Education?

September 13, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version