SUSS & ESG launch blockchain platform to test solutions for trade

SUSS & ESG launch blockchain platform to test solutions for trade

In a recent turn of events, the Singapore University of Social Sciences (SUSS), in partnership with Enterprise Singapore (ESG) announced introducing a digital platform to develop and test blockchain solutions for trade and supply chains.

Labelled as Blockchain for Trade and Connectivity (BTC) Network, the platform is considered to allow blockchain and other technologies to work unanimously under one banner. This novel step is anticipated to reduce barriers to trade while developing the trade and connectivity sector towards an effective and secure digital future.

Backed by the National Research Foundation, the initiative would emphasize on augmenting the interoperability between blockchains, by integrating mesh networks which will streamline the connectivity between existing systems and/or platforms.

Moreover, this platform is also likely to emerge as a test bed for blockchain solutions with global supply chain firms, technology experts, and digital trading platforms while also developing a risk assessment framework for medium as well as small scale enterprises, to assess the usability of blockchain to cater to the business needs.

Speaking on the matter, the ESG assistant chief executive- Satvinder Singh- reportedly quoted that through the BTC network, both the organization are looking forward to connecting businesses with institutes of higher learning to co-create or adopt digital solutions that are likely to promote enhanced efficiency and transparency across the global supply chains.

He also added that Singapore needs to assure trusted connectivity and reliable supply chains to the world in an effort to maintain its position as a trade and connectivity hub.

Meanwhile, CEO and Co-founder Kevin Lin exclaimed that Trames has been witnessing numerous blockchain use cases in the transportation and trade sectors via its engagements with customers. He further stated that initiatives like BTC Network are crucially important for firms of all sizes to take advantage of blockchain infrastructure.

On the other hand, Tsui Kai Ching, SUSS provost stated that the BTC Network has emerged as one of SUSS’ achievements in harnessing transformative technologies to cater to the society’s transforming needs and contributing towards creating an inclusive and resilient society for social good.

According to official sources, as part of the agreement, SUSS is likely to work with industry and academics practitioners to curate programs and courses to equip the local workforce with digital knowledge and skills.

Source Credit: https://www.businesstimes.com.sg/sme/sff-x-switch-2020/blockchain-platform-launched-to-trial-solutions-for-trade-connectivity