Ministry of Economy and NTT Data revealed platform based on Blockchain for Trade

The New Energy and Industrial Technology Development Organization (NEDO), a giant IT platform in Japan has revealed its plan to work with a blockchain based platform for sharing the data for the trade industry.

The industry is considered as the country’s biggest public management community that currently works for the research of industrial technologies and is now planning to design a blockchain based project that will demarcate the building for conveying the details related to trade industry.

The operation of the organization is working under the guidance and support of its guardian named the Ministry of Economy, Trade, and Industry (METI).

The project titled “Development of Infrastructure for Creating New Industrial Models Taking Advantage of IoT” mainly aims at establishing a system that will allow the operators to digitize and enrich the program of transferring the data between the trade firms that include brokerage companies, shipping operators, insurance and bank firms and others.

The blockchain based project is in collaboration with the NTT Data that is one of the leading IT company in the country. As per the press conference of NTT’s the platform assured that they are also moving forward to launch the social execution for the newly developed platform in FY2019 with an intention to encourage the universal supply chain.

It can be said that this innovative project will help the transfer of data with more transparency and accountability. Moreover, according to the evaluation it can be stated that the existing process used the paperwork or the PDF files that was time-consuming with lots of errors. This newly developed system will detect the loopholes in the data and also keep the data safe and secured.

Apart from all these, the sources also unveiled that the Custom and Border Protection (CBP), U.S. biggest law enforcing organization is planning to introduce a live verification test for tracing the shipment platform based on the blockchain.