SilkChain, the world's first blockchain project dedicated to improving international trade, has launched in Singapore, a milestone for its developer, International Trade Digitalization Commission (ITDC), on its quest to create a fairer and freer global trade system in the digital age.
Named after the ancient Silk Road that facilitated trade between China and the west, SilkChain is a next-generation smart contract platform that uses blockchain technology to remove chronic obstacles in the current trade system and build a decentralized, global digital free-trade zone.
SilkChain digital network can help boost efficiency and slash the cost of transactions through its authentication system and a smart contract standard for global trade, even as trade volume grows. "International trade orders are increasingly fragmented and the demand for high-efficiency and low-cost trade services is growing at a furious pace," said Kevin Fenn, co-founder of SilkChain, also the founder and the chairman of DinoRiver (OSell World).
Based on the principles of decentralization, openness and mutual benefit, SilkChain has created an ecosystem by attracting global service providers, developers, open-source communities, trade entities and companies to create applications that operate with localized services.
The smart platform will drive businesses across the globe to build a harmonized credit system and provide support for information storage, payment and settlement, supply chain transparency, quality tracing, and financial application, potentially reshaping the global trade system.
SilkChain has recently completed fundraising from a group of angel investors including JLab, GSR Capital, Tracing Capital, btc123.com, Nebulas, Cybermiles (5miles), 8btc.com and worldico.
The project has also won recognition, and investment, from cross-border e-commerce companies such as DinoRiver (OSell World), as well as international giants including Al-Mobty Group of Saudi Arabia, Dragon City of Bahrain, Great Way of the USA, CEA Business Center of the USA, and E-NET of Dubai.