- In collaboration with partners, Binance’s IEO Perlin project will develop a cross-border exchange platform.
- The idea behind the project is to modernize the region’s exchange system with blockchain technology.
Binance’s IEO Perlin project will be the basis for the development of an alliance between the exchange, the Singapore-based DBS bank, the International Chamber of Commerce, the Singapore government and others. The cooperation will aim at launching a cross-border exchange platform.
Binance and the modernization of trade in Asia
According to a press release, the cooperation will seek to modernize the trade system between Singapore and its international partners. In addition to designing an open-source exchange platform that will be called ICC TradeFlow, the platform will be cross-border and will be used to optimize trade in Singapore and its commercial access with the rest of the world.
The platform was first tested in November last year. The platform was used to coordinate steel trade between China and Africa in a limited sector worth $20 million.TradeFlow is a blockchain technology exchange platform developed by Perlin, a Binance IEO project. In other words, it will be a blockchain technology innovation with funding from a cryptocurrency exchange.
Besides being cross-border, the platform will be developed to be functional with other digital exchange platforms. Traders who make use of its functions will be able to reduce the time it takes to complete a commercial operation from 45 days to 20 days. Tan Su Shan, president of one of the institutions involved in the development of the platform, DBS Bank, said that all users will be able to reduce the time of trading by at least 50%.
Blockchain platforms will boost digitalized trade
The CEO of the Binance Perlin project, Dorjee Sun, was optimistic about the cooperation. He said TradeFlow and Blockchain technology will be a key driver in the transition from “paper-based” to digital commerce. In this sense, there are also important advances that have been developed by IOTA and VeChain. Both companies are working on optimizing supply chain processes, customs clearance and consumer interaction with products.
For example, IOTA has been partnered with the Futures Farm Consortium on a pilot project using IOTA’s Distributed Ledger technology to address transparency and data exchange issues. On the other hand, VeChain continues to make progress in China. The VeChain Foundation has entered a partnership with the General Council of Anhui Tea Industry Association. The cooperation serves to test the quality level of Anhui Tea, one of China’s most valuable products through blockchain technology.