eCOM Announces Their Trusted Data Network Service at the 2019 Singapore Fintech Conference
Singapore, November 13, 2019: eCOM Asia Ltd (eCOM), a B2B company focused on global trade, presented “TRUST, the key ingredient of Global Trade and Trade Finance - Supported by Blockchain” to introduce the eCOM Blockchain based Trusted Data Network service, the “eCOM Registry™”.
Trade participants agree that the large amount of physical paper documentation and manual processing increase the costs and reduce the efficiency of global trade. In the race to digitize it is the perfect opportunity to add “Trust” to the digital data so that participants, regulatory authorities and service providers, such as Banks and Fintech, can focus on legitimate trade and reduce risks.
B2B integration is commonly used to exchange digital data to help automate and streamline trade processes, but traditional B2B is reliant of direct connections and trading partner relationships between know entities. This causes digital data to be siloed between the parties that exchange B2B data, with no simple way to extend data usage and visibility across the whole supply chain.
eCOM presenting at the release of CamelONE™ Trade Finance during the 2019 Singapore Fintech Conference
“We believe the next generation of B2B will be a Peer-to-Peer network where anyone across the supply chain can share and exchange data with any other network participant but with trusted data controlled through a Blockchain”, said Bryce Macdonald, CTO of eCOM.
One opportunity for more trusted data is to support the US$1.5T trade finance opportunities for SME’s. 74% of SME trade finance applications are rejected due to lack of information (21%), KYC concerns (29%) and low profitability (15%). Providing Trusted data from multiple participants to enable data matching and validation of trade, both historical and real-time, will enable Banks and Fintech to reduce the risk of financing.
The “eCOM Registry™” has been built from the ground up to enable Trusted data by adopting the cryptocurrency model of a wallet to ensure secure and trusted transactions are written to the Blockchain, but for trade documents, not currency. Additionally, the eCOM Registry adopts a fully distributed data model where all data is securely stored and managed within the data owners network, while maintaining full control of who they grant and revoke access to. A Shared Registry allows all network participants to discover information about data (specifically metadata) that is of value to them and provides a mechanism for participants to request access and exchange the data directly with the corresponding data owners. The eCOM Registry does not store nor see any Trade documents.
The eCOM Registry is a Trusted Data Network to enable the secure exchange of data across a community. It is built on Distributed Ledger Technology (DLT – Blockchain), utilizing Distributed Data (data is not centralized, but remains securely within the enterprise) and Distributed Access Control (only data owners can grant access to share their data). Data can be “Trusted’ through the eCOM Registry because its hash and metadata are digitally signed by the creator/owner on their respective enterprise platforms (not by the eCOM Registry). This signed data is what is written onto the eCOM Registry Blockchain so other community members can discover validated and trusted data, request, and/or be granted access by the data owners.