R3 Partners with Tramés and IMDA to Develop New Solutions to Bridge R3 Corda eBL and TradeTrust
Collaboration will enable businesses on the two networks to transact with one another
Singapore: R3, the enterprise software firm, Tramés, a Singapore-based supply chain orchestration technology startup, whose goal is to streamline, unify and digitalize workflows for shippers and their logistics partners, and Singapore’s Infocomm Media Development Authority (IMDA), signed a Memorandum of Intent (MOI) to accelerate global trade and supply chain digitalization. The MOI will support the collaboration and adoption of a new digital solution built by Tramés, using Corda Enterprise, R3’s blockchain application development platform, and the TradeTrust digital utility to support the issuance and verification as well as the operation of digitalized documents including electronic transferable records.
This partnership provides Tramés early access to Corda eBL, an application accelerator for digital trade solutions on Corda Enterprise, via R3’s early adopter program. Corda eBL will empower Tramés to extend the functionality of TradeTrust to enable the secure, end-to-end management and transfer of electronic bills of lading (eBLs) across Corda business networks.
IMDA’s TradeTrust comprises a set of globally-accepted standards and frameworks that support the exchange of electronic trade documents with the aim to reduce inefficiencies and complexities of cross-border trade arising from current paper-based processes, such as the bill of lading. With Tramés’ solution designed to be a bridge between TradeTrust and Corda eBL in a single business network, corporates, logistics firms and other trade facilitators will benefit from both solutions, enabling greater interoperability, support and options for their use of eBLs.
Amit Ghosh, Head of APAC, R3 said: “With more than 90% of traded goods being moved by sea, bill of lading is one of the most important documents used in international trade. However, it is notoriously difficult to digitalise bills of lading due to the legal, commercial, and technological implementation challenges which hinder scalability. This is where Corda comes in—Corda Enterprise works with existing legacy systems to effectively streamline the digital transformation process, saving businesses time, operational friction, and substantial amounts of capital in the form of operating costs. Built on Corda Enterprise, Corda eBL will enable the digitalisation, direct transfer and verification of these documents across networks—lowering the technical and legal barriers for supply chain related ISVs and shipping firms to build decentralized eBL solutions fit for a digital era.”
“R3 is very excited to begin a long-standing partnership with leading organizations like IMDA and Tramés who are on the constant search for innovation and excellence. Our partnership will further accelerate trade digitalization and allow businesses to realise greater efficiencies and profit.” Ghosh added.
Kiren Kumar, Deputy Chief Executive, IMDA said, “To support trade digitalization, Singapore was one of the first countries in the world to legally recognise the creation and use of electronic transferable records such as e-bills of lading. Another key thrust is the TradeTrust digital utility to support the exchange of electronic trade documents. We are pleased to collaborate with R3 and Tramés to bridge the TradeTrust network and the Corda eBL to enable digital interconnection to a wider ecosystem of trading partners.”
As a result of this partnership, Tramés’ solution will have the ability to validate and support the operation of digital documents like electronic transferable records on TradeTrust and Corda, allowing users to receive greater visibility, efficiency and cost savings.
Kevin Lim, CEO and Co-Founder of Tramés said: “The Bill of Lading has traditionally been the most challenging shipping document to digitalize, primarily due to issues on legislation and scalability. We are extremely excited, as a pioneer, to be partnering with R3 and IMDA on the new groundbreaking e-Bill of Lading (eBL) offering that will lay the foundation for trade and transportation operations to be paperless in the future. The eBL solution will serve as the bridge to connect supply chains across the physical goods, information and financial layer, to enable efficient operations, quicker financing and overall uplifting of the industry.”
Tramés’ solution which provides an end-to-end supply chain orchestration is currently live and implemented with multiple Fortune 500 global multinationals. It will launch the Corda eBL offering in Q3, 2021 for beta users.
Corda eBL is available for Corda Enterprise customers or evaluation users, via R3’s Corda eBL early adopter program. More information about how to join the program can be found here.
Founded in 2019 and headquartered in Singapore, Tramés is an end-to-end supply chain orchestration technology company, which aims to create a streamlined and unified workflow for shippers and their logistics partners. Tramés helps to accelerate digital adoption in traditionally long and error-prone processes within the current trade and logistics landscape – convening stakeholders and other partners onto a collaborative, digital platform, thus reducing physical paperwork, and the number of manual touchpoints in any supply chain resulting in significant efficiency gains from a time and cost perspective.
The Tramés’ platform enables its users to streamline trade and transport operations through key features including a blockchain-enabled document repository to facilitate collaborative drafting and confirmation of shipping documentation. Since its inception, Tramés has successfully established and piloted their technology with multiple Fortune