Ministry of Economy and NTT Data revealed a platform based on Blockchain for Trade

The New Energy and Industrial Technology Development Organization (NEDO), a giant IT platform in Japan, revealed its plan to work with a blockchain-based data sharing platform for the commercial industry.

Industry is considered as the largest public management community in the country currently working on industrial technology research and is now planning to design a blockchain-based project that will delimit the building to transmit details related to the commercial industry.

The operation of the organization is working under the guidance and support of its guardian appointed Ministry of Economics, Trade and Industry (METI).

The project entitled "Development of infrastructures for the creation of new industrial models exploiting the IoT" aims mainly at establishing a system that allows operators to digitize and enrich the data transfer program between commercial enterprises that they include brokerage companies, freight forwarders, insurance and banking companies and others.

The blockchain-based project is in collaboration with NTT Data which is one of the leading IT companies in the country. According to NTT's press conference, the platform has assured that they are also moving forward to launch social execution for the newly designed platform in 2016 with the intent to encourage the universal supply chain.

It can be said that this innovative project will help the transfer of data with greater transparency and accountability. In addition, based on the assessment, it can be said that the existing process used documents or PDF files that took a long time with many errors. This new system will identify the loopholes in the data and will keep the data secure and protected.

In addition to all this, the sources have also unveiled that the Customs and Border Protection (CBP), the largest US law enforcement organization, is planning to introduce a real-time verification test to track the shipping platform on the base of the blockchain.

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