SmartChainZ ‑ FastTrackTrade

FastTrackTrade was a Singaporean based digital platform aiming to accelerate and standardise cross border trade between SMEs in the Asean region. Begun in 2017, Z/Yen provided a blockchain trading system using MetroForms. FastTrackTrade was ultimately taken over by its financial services users.

The company used smart contracts supported by ChainZy technology with specific variables that can be modified by counterparties with the objective of creating a fully decentralised platform which does not require the intervention of a central third party. FastTrackTrade builds trust in its service by sharing a common audit trail between market participants. Each stage in a transaction process: purchase order sign-off, payment, delivery etc. are logged into the ChainZy mutual distributed ledger.

At any point of time, the proof of existence of any of these events can be verified by either participant or any other permissioned third party. The use of a ChainZy mutual distributed ledger also ensures that customer personal and transaction information is secured and encrypted and therefore only accessible to authorised parties. Some coverage:

• www.businesstimes.com.sg/technology/singapore-to-launch-first-digital-trade-platform-for-smes-using-blockchain-technology
• www.theedgesingapore.com/starhub-prudential-launch-sme-focused-digital-trade-platform-2018
• http://www.straitstimes.com/business/banking/prudential-and-starhub-to-launch-first-blockchain-based-digital-trade-platform-for

Fast Track Trade In Singapore

Aside from the theoretical notion that Smart Ledgers could help the UK’s future trading arrangements, such platforms are already helping SMEs in Singapore. Singapore benefits from a number of driving factors that make it well suited to the adoption of Smart Ledger trade solutions:

• The ACRA regulator certifying the existence of corporate entities through identifiers, such as UEN numbers. This means that regular information profiles are kept on various companies operating in the city state, which is made available to everyone, and updated on a weekly basis. The ACRA database can then be embedded into a block chain platform.
• Furthermore, the local regulators have been pushing for digital KYCs through platforms like MyInfo. For instance, the Monetary Authority of Singapore has issued new guidance to Singapore financial institutions technological solutions as a means of facilitating on boarding.

The Fast Track Trade platform in Singapore helps business partners and distributers buy and sell goods, as well as tracking shipments and handling payments. Furthermore, Fast Track Trade also helps the on-boarding of business partners who will bring clarity to KYC (Know Your Customer) issues - such as entering the Star hub “white list”. Fast Track Trade can be made available to any business which has access to a wifi network, meaning that it is widely accessible. In Fast Track Trade’s own words:[1]

“Our vision is to offer a trade network where small value transactions can be processed with international standards of safety, connectivity, and visibility to support existing trade corridors and to open new emerging market corridors. We are using Mutual Distributed Ledger technology to create this secure commerce network whereby any corporates can carry out seamless and safe automated trade transactions.”

Figure 40: Illustration of the Fast Track Trade system

The platform was established though a partnership between Starhub and Prudential. The chart below outlines the Smart Ledger and Distributed Ledger Technology (DLT) concepts in Figures 4 and 5 earlier in this report:

Figure 41: Illustration of the FAST TRACK TRADE system

[1] http://www.citesgestion.com/4/fast_track_trade_1001284.html