SAN FRANCISCO – April 25, 2018 – Hyperledger (hyperledger.org) and DLT.SG (Distributed ledger Technologies, Singapore) today announced a global partnership, to provide more collaboration and contributions to the open source community, led by Hyperledger.org.
DLT.sg is a Singapore based regional blockchain company, focussed on supply chain apps and Counterfeit technologies. They are a regional outfit with established partners in APAC. Few of their blockchain supply chain products include SmartCon (Contracts), SmartFin (Securitisation), SmartCode (Visibility) and SmartAccess (Security). MAS (Monetary authority of Singapore) is the only general member from Singapore, in the Hyperledger open source community, which has 222 global members as of this date.
Drug Counterfeit alone kills more than 450,000 people globally, majority of them from less fortunate developing nations in Asia and Africa. We have been working on it for 18 months, have built and started commercialisation of a product that addresses this menace. Our blockchain based Drug Counterfeit App (CheckFake) is a consumer App connected to SmartCode blockchain technology, thus tracks and resolves the counterfeit medicine at no cost to consumers. This blockchain App has been selected by several blockchain innovation panels and the most recent one was our participation at recently concluded MSD Start-up Spotlight 2018.
The aim of our partnership with Hyperledger.org will be to continue global contribution to strengthen Hyperledger and offer a jointly developed global trade digitization platform built on open standards and designed for use by the entire global supply chain ecosystem. It will address the need to provide more transparency and simplicity in the movement of goods across borders and trading zones.
Blockchain is a new technology that allows businesses to work together with a lot more trust. It is a revolutionary way to do business – and DLT.sg is at the forefront of it. Blockchain has the ability to change the world in the same way that the Internet did and redefine how business happens. We are in the early days of this technology but DLT.sg saw the potential and got in early to help develop blockchain Apps and build solutions to solve real business problems. DLT.sg has the most comprehensive offering in blockchain in the region and we are working with clients and our developers/engineers across multiple industries to explore how blockchain can transform the business operations in areas as diverse as Agri, Consumer products, Retail, Supply chain, Pharma, Energy and Utilities.
One of our focus areas is Agri Supply Chain trade and food safety. Agri Supply Chain defines everything we consume from our smart cities today. 1/3rd of the global Agri supply chain trade gets done via Singapore. We are closely engaged with a number of Agri Supply Chain companies in Singapore on blockchain use cases delivered with our Production Ready Pilot (PRP) approach.
The World food regulatory authorities are much more concerned on food safety and food origins in a big way. We are currently deploying our blockchain apps in collaboration with regional food agencies and country level organisations to formulate a collaborative trust for supporting the food safety programs with source level information. This is a program supported by world bodies, but run at the source levels in several Asian countries. We are in ideation phase dwith World bank authorities for our next level of activities in Asian markets.
The cost and size of the world’s trading ecosystems continues to grow in complexity. More than $12 trillion in goods are moved each year, and more than 80 percent of the goods consumers used daily are carried by the ocean shipping industry. The maximum cost of the required trade documentation to process and administer many of these goods is estimated to reach one-fifth of the actual physical transportation costs. According to The World Economic Forum, by reducing barriers within the international supply chain, global trade could increase by nearly 15 percent, boosting economies and creating jobs.
The attributes of blockchain technology are ideally suited to large networks of disparate partners. A distributed ledger technology, blockchain establishes a shared, immutable record of all the transactions that take place within a network and then enables permissioned parties access to trusted data in real time. By applying the technology to digitize global trade processes, a new form of command and consent can be introduced into the flow of information, empowering multiple trading partners to collaborate and establishing a single shared view of a transaction without compromising details, privacy or confidentiality. Our team based out of Block 79, Singapore’s innovation belt, is the strongest regional team and we are working towards a more collaborative future, using blockchain in supply chain.
Customers are building use cases based on our Blockchain Apps for a 90 day program on supply chain visibility, Counterfeit, unlocking in-transit inventory and several others interoperability solutions for the enterprise. They are applying blockchain technology using our apps, as well as employing other cloud-based open source technologies including artificial intelligence (AI), IoT and Analytics, delivered via our partners, in order to help companies move and track goods digitally across international borders. Manufacturers, Shipping lines, Freight forwarders, Port & Terminal operators and Customs authorities can all benefit from these new technologies –and ultimately consumers.
“This new partnership marks a milestone in our strategic efforts to drive the digitization of global trade. The potential from offering a neutral, open digital platform for safe and easy ways of exchanging information is huge, and all players across the supply chain stand to benefit,” said Samir Neji, Resident Director, DLT.sg. “By joining our knowledge of trade with DLT.sg capabilities in blockchain and enterprise technology, we are confident that we can make a real difference in shaping the future of global trade.”
Dlt.sg blockchain Apps are enabling our clients and industry start up innovators to build and scale active networks across complex use cases, including cross border payments, supply chains, visibility and digital identification.
To address the specific needs of the industry, DLT.sg has established an advisory board of industry experts to help further shape our platform and services, provide guidance and feedback on important industry factors, and drive open standards.
DLT.sg is recognized as the regional leader in enterprise blockchain apps for Supply Chain. The company’s research, technical and business experts have broken barriers in transaction processing speeds, developed the most advanced cryptography to secure transactions, and are contributing open source code to advance blockchain adoption for businesses. DLT.sg is the regional leader in open-source blockchain solutions built for the enterprise. The cloud-based DLT.sg Blockchain Platform delivers the end-to-end capabilities that clients need to quickly activate and successfully develop, operate, govern and secure their own business networks. DLT.sg is a member of Hyperledger, an open source collaborative effort created to advance cross-industry blockchain technologies. For more information about DLT blockchain, visit https://dlt.sg/ or follow us on Twitter at @dlt_sg
Hyperledger is an open source collaborative effort created to advance cross-industry blockchain technologies. It is a global collaboration, hosted by The Linux Foundation, including leaders in finance, banking, Internet of Things, supply chains, manufacturing and Technology.
Think of it as an operating system for marketplaces, data-sharing networks, micro-currencies, and decentralized digital communities. It has the potential to vastly reduce the cost and complexity of getting things done in the real world.
Only an Open Source, collaborative software development approach can ensure the transparency, longevity, interoperability and support required to bring blockchain technologies forward to mainstream commercial adoption. That is what Hyperledger is about – communities of software developers building blockchain frameworks and platforms.