New Zealand-based has invested in blockchain startup to digitise international trade documentation. The bank aims to reduce the risk of fraud and cybersecurity threats. TradeWindow representatives see the primary benefit of distributed ledger technology (DLT) as costs savings. Plus there’s the speed of document sharing by avoiding sending paperwork via couriers. TradeWinds is also planning to acquire Prodoc, which creates digital documentation for more than 60% of New Zealand’s exports. Plus it intends to buy IVS (Independent Verification Services) which provides certifications for the forestry and horticultural sectors. Additionally, it’s conducting pilots in different industries including with Fiordland Lobster Company, New Zealand’s largest lobster exporter. Singapore startup dltledgers has a similar international supply chain platform already in production. It has already processed more than USD 1 billion in trade finance.
ASB Bank in New Zealand has backed blockchain start-up TradeWindow, which digitises international trade documents, as part of its moves to tackle fraud and cybersecurity threats. Meanwhile TradeWindow is to buy digital documentation producer Prodoc, which already digitises 60% of New Zealand’s export documentation. It also plans to acquire Independent Verification Services, which organises forestry and horticultural sector certifications.