FastTrackTrade is a Singaporean based digital platform aiming to accelerate and standardise cross border trade between SMEs in the Asean region. The company uses 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.