This is an AI translated post.
TradeWaltz, a blockchain-based trade platform, realizes the digitalization of trade operations
- Writing language: Korean
- •
-
Base country: Japan
- •
- Information Technology
0000-00-00 00:00:00
Select Language
Summarized by durumis AI
- Busan-based startup TradeWaltz is leading the digitalization of trade operations by developing a trade information linkage platform using blockchain technology.
- By integrating all trade information into electronic data instead of paper documents, it has brought about cost reduction and efficiency improvement, and is currently being used by more than 50 companies on a paid basis.
- TradeWaltz plans to expand its business to the Asia-Pacific region in the future, and through recent funding, it plans to recruit technical personnel and lay the groundwork for overseas expansion.
TradeWaltz, a Busan-based startup, is leading the digital transformation of trade operations by developing a blockchain-based trade information linking platform, "TradeWaltz." Previously, most trade documents were written on paper and difficult to manage, but with this platform, all trade information can be integrated and managed electronically.
TradeWaltz was established in April 2020 with joint investment from seven companies, including NTT Data, Mitsubishi Corporation, Toyota Tsusho, Tokyo Marine Nichido Fire Insurance, Mitsubishi UFJ Bank, Kanematsu Corporation, and Sompo Japan Insurance. Initially, they aimed to merge the trade expertise of each company with NTT Data's blockchain technology to achieve a digital transformation of all trade operations.
The platform's key features include electronic storage of trade documents, linking of contract and transaction information, and electronic payment. Import and export permit data can be linked to related documents, enabling the electronic processing of customs-related ledgers and allowing for use in post-audit by customs. As data is recorded on the blockchain, the risk of falsification or modification is eliminated, ensuring transparency and security of information.
According to TradeWaltz, this digitalization will reduce costs associated with paper document creation, binding, and storage. It is also expected to significantly shorten the time for post-audit by customs, as physical document movement will be eliminated.
Currently, over 50 companies are using TradeWaltz on a paid basis, and the company plans to expand its business to the Asia Pacific region. Representative Soayama Yuki expressed his vision, stating, "We will lead the digital transformation of the global trade industry through platform enhancement and continuous function improvements."
Meanwhile, TradeWaltz plans to strengthen its technical workforce and lay the foundation for overseas expansion with the recent 1.65 billion yen funding. The major companies that are investors are also expected to utilize the TradeWaltz platform to not only reduce costs but also enhance the efficiency and transparency of trade processes.
