Singapore-based SilkChain system aims to allow business to create bespoke decentralised apps reflecting their services.
SilkChain, which calls itself “the world’s first blockchain project dedicated to improving international trade”, has launched in Singapore. Created by the International Trade Digitalization Commission (ITDC), it will be the centrepiece of its plan to “create a fairer and freer global trade system in the digital age”.
Though it may have unfortunate connotations for those aware of the now-legendary Dark Web site that also referenced it, SilkChain is named after the ancient Silk Road that facilitated trade between China and the west. This new trading route, however, is a smart contract platform that uses blockchain technology in the hope of building a decentralised “global digital free-trade zone” aimed at reducing cross-border friction and the costs associated with ensuring trust and building credit.
Essentially setting it up as an ecosystem that can reflect the many aspects and facets of current global trade, and powered by its own ‘Silk’ token, Silkchain hopes to provide a platform where “third party service providers are able to create DApps [Decentralised Apps] which reflect their original business systems, thus integrating the flow of business, logistics, capital and information into a unified platform, such harmonization and contribute to an exponential growth in trade efficiency.”
These SilkChain apps are built upon HyperLedger, “an open source collaborative effort created to advance cross-industry blockchain technologies” that involves 231 organisations in more than 25 countries – including one of its newer additions, Ripple. The creators of the technology describe it as “an operating system for marketplaces, data-sharing networks, micro-currencies, and decentralized digital communities,” that has “the potential to vastly reduce the cost and complexity of getting things done in the real world.”