Open Trade Docs is a powerful tool in reducing frauds in international trade finance.

Country: Singaporeopentradedocs
Year: 2015

  • Open Trade Docs (also known as OTDocs) reduces fraud risk in trade finance by complementing paper documents with unique digital copies that have full life cycle and audit trail.
  • It is one of the pioneers that use custom blockchains to identify, store and verify entities, documents and transactions, allowing participants to remain in control of all data and access rights instead of relying on a third party.
  • The company has started a pilot with a leading bank in Asia, and have been in talks with regulatory bodies in Singapore to have its system mass adopted.
  • OTDocs is also a Startupbootcamp Singapore Alumnus

Concept

  • A major risk in international trade finance is the exchange of invoices and other documents multiple times to multiple financing entities, involving trust and data ownership to third parties.
  • OTDocs’ Messaging module removes the need to trust third parties by using private industry blockchains to securely send and store messages and documents.
  • Its Duplicate Document Detection module flags a document that has been uploaded before.
  • OTDocs provides a full audit trail with its blockchain technology in ensuring that once written, data cannot be amended, even by administrators.

Benefits for businesses

  • The messaging module can be integrated with existing systems, and offers the following features:
    • Text and multimedia content;
    • Audit-ready and mathematically guaranteed message life cycle;
    • Guaranteed timestamps;
    • Ultra high availability
  • Businesses can reclaim full governance and ownership over messaging data, as well as the following benefits:

    • Onshore data ownership for easier compliance
    • Better prevention against data breaches
    • Elimination of risks related to 3rd party data storage
    • Full lifecycle of messages with immutable audit trail
    • Reduced cost and administrative overhead

How It Works

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