A pilot of the blockchain-based trading platform has been brought to use by an official partnership between PrimeTrust and the Singapore government, according to a report on March 7.

TradeTrust aims to leverage blockchain to organize complicated manual processes involved in international shipping. The electronic bills of lading (EB-Ls) will be first focused on blockchain-powered.

With this new blockchain-based addition, paper-based methods will be replaced with the electronic versions, helping to optimize the efficiency, easier to keep track, and also cut down on expenses.

The pilot follows a January Memorandum of Understanding which was signed in January 2019 by the Maritime Port Authority, the Singapore Customs and the Shipping Association and Singapore’s Infocomm Media Development Authority (IMDA).

The IMDA will help to collect feedback alongside with TradeTrust to further perfect the technology before the website officially goes online.

“TradeTrust is an initiative to develop a set of standards to help businesses securely exchange digital trade documents,” Singapore’s Minister for Communications and Information, S. Iswaran remarked on March 4.

Amid the crypto bear market, blockchain-related technology seems to be on the rise. Several projects led by major companies like IBM and Maersk are starting to be made globally and the estimates are that the technology will make the industry save billions of dollars in the next decade, reported by The Crypto Sight.