- This topic has 1 voice and 0 replies.
-
Posts
-
-
#News(General) [ via IoTForIndiaGroup ]
Connect2india, the online trading platform for SMEs, plans to use blockchain to make global trade safe and easy for customers and is currently working on a PoC with a consortium of trade partners, already on the Connect2india platform. To begin with, shipping companies and inspection agencies will also be a part of the consortium, because frauds are perpetrated more at this level than at other levels, in a typical international trade transaction. Gradually, other trade participants will also be invited to join the consortium. The PoC is being done using a combination of technologies like GPS, IoT and RFID. They are useful for inspection agencies to verify product quality declarations, for example, steel grades, wheat quality and type, etc.
The GPS will keep real time update on the movement of the Goods. This will be a evidence that goods are actually being transported and the transaction is real. The transaction data will stored on the Blockchain to prove the authenticity of the transaction. There have been cases of companies availing trade related benefits using the Bill of Lading to prove the transaction is genuine but in reality, no such transaction as being claimed has happened.
Post the Blockchain enablement, all the trade related information on the Connect2india platform that was publicly available before will continue to remain so, but on a Blockchain and with role based access.
Blockchain framework
Connect2india is using the IBM Blockchain framework build by using IBM Blockchain APIs, which are integrated with Connect2india’s applications. “These APIs are currently free but as we scale up and the transactions increase, the premium support will be charged,” says Gupta.
-
- You must be logged in to reply to this topic.
