Global trade company Global eTrade Services (GeTS) has announced that Hong Kong-based Swivel Software Ltd and its supply chain customers will from now on operate on GeTS’ Open Trade Blockchain (OTB).
Logistics technology provider Swivel Ltd. provides software services to facilitate tracking movement of goods for a supply chain of truckers, insurance providers, importers/exporters, customs brokers, financial service providers, air carriers, ocean carriers, and forwarders. Swivel has stakeholders across 30+ nations.
OTB is a permissioned blockchain of trusted nodes. IT was created to ensure safe and transparent interchange of documents especially shipment and commercial documents like Bill of Lading, Contracts, Insurance, and Commercial Invoice. As all documents are stored on a blockchain, they are immutable. Thus, the chances of someone committing fraud by tampering with them are zero.
Being based on blockchain, there is total transparency among the participants of the supply chain. This eliminates the chances of discrepancies in documents and delays in shipment. Moreover, in case of any conflicts, the required documents can be referred to settle disputes.
Mr. Chong Kok Keong, CEO of GeTS, said,
Ms. Mandy Mak, COO of Swivel, said,
GeTS has 28 customs nodes around the world. It connects 175,000+ companies and carries out over 18 M transactions per year.
Swivel provides ERP solutions to help customers streamline their operations with real-time tracking and tracing.