Global eTrade Services (GeTS), a global trade platform, has announced that Hong Kong-based logistics technology provider Swivel Software Limited and its entire network of supply chain customers will operate on GeTS’ Open Trade Blockchain (OTB).
Swivel is a logistics technology provider that provides software services to facilitate tracking movement of goods for a supply chain of importers/exporters, truckers, forwarders, customs brokers, insurance and financial service providers, air and ocean carriers. Swivel has stakeholders in more than 30 countries.
OTB is a permissioned blockchain of trusted nodes built to secure exchange of shipment documents as well as commercial documents such as Bill of Lading, Commercial Invoice, Insurance, and Contracts. As all documents are embedded on a blockchain, they are immutable. Thus, the chances of someone committing fraud by tampering with them are zero. The blockchain is visible to all the players in the supply chain; hence, possibilities of a document not being provided or a missing document or a document with the wrong information being supplied is also negated. That eliminates delays in shipment just because of one missing document. The immutable nature of the blockchain is also useful when conflicts or disputes occur as the concerned parties can consult the documents on the blockchain to resolve the situation.
Mr. Chong Kok Keong, CEO of GeTS, said,
We are delighted that Swivel is leveraging on our blockchain platform to enhance their supply chain’s data authentication.
Ms. Mandy Mak, COO of Swivel, said,
We are excited about this collaboration with GeTS and together be part of a global platform.
GeTS has 28 customs nodes around the world. It connects more than 175,000 companies and carries out more than 18 million transactions per year.
Swivel provides ERP solutions to help customers streamline their operations with real-time tracking and tracing.