Blockchain Based Trade Platform Trial Success

Singapore and Ghana have successfully completed the first proof of concept of a new blockchain-based trade facilitation platform. The aim of Project DESFT (Digital Economy Semi-Fungible Token) is to boost trade by electronically verifying the identity of small and medium enterprises (SME) based in Ghana. It is expected that DESFT will lead to enhancing the confidence of foreign traders dealing with Ghanaian SMEs by providing trusted credentials and facilitating cross-border financial transactions through the use of blockchain-based crypto currencies. The system will securely verify credentials of important documents such as licences, certificates, and trade records.

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