\nBased on the results of this demonstration experiment, we aim to commercialize the world's first system that simultaneously exchanges electronic bills of lading (B\/L) used as a substitute for cargo with digital currency (or crypto assets). We will work towards commercialization within fiscal year 2023, supporting safe and secure trade transactions between companies.<\/strong><\/p>\n
1. background<\/strong><\/span> (*1) This refers to a bill of lading. It is a negotiable instrument that represents the right to claim delivery of goods (the right to receive delivery of goods from the carrier) and also possesses real rights effect (indicating ownership of the goods).<\/p>\n 2. Overview of the Demonstration Experiment<\/strong><\/span> NTT Data provided the trade platform (TradeWaltz\u00ae (*2)) for digitizing bills of lading, insurance policies, invoices, etc., and interoperability technology (*3) for linking multiple blockchains, while Standage provided the cryptocurrency transfer technology. (*2) October 27, 2020 News Release: Seven companies from across industries invest in the operator of the trade platform "TradeWaltz\u00ae". (2) Demonstration period: Approximately 4 months (August 2021 to December 2021)<\/p>\n 3. Expected effects<\/span><\/strong> (1) Elimination of risks in international trade (2) Reduce trade costs for exporters and importers (3) Increased activity in trade transactions by small and medium-sized enterprises (4) Simplification of trade Based on the results of this demonstration experiment, the four companies will continue working together towards commercialization within fiscal year 2023.<\/p>\n [Contact for inquiries regarding this press release] December 27, 2021 Tokio Marine & Nichido Fire Insurance Co., Ltd. NTT DATA Corporation Standage Corporation TradeWaltz Co., Ltd. Tokio Marine & Nichido Fire Insurance Co., Ltd. (President and CEO: Shinichi Hirose, hereinafter referred to as "Tokio Marine & Nichido"), NTT DATA Corporation (... Continue reading Tokio Marine & Nichido, NTT Data, and TradeWaltz conduct demonstration experiment to realize new trade settlement system<\/span><\/a><\/p>","protected":false},"author":1,"featured_media":3470,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[136],"tags":[59,52,130,122,92,51],"acf":{"en_news":{"custom_css":"","en_title":"","content":""},"author":{"author_image":"","author_name":"","author_image_link":"","introduction":""},"production_published":true},"_links":{"self":[{"href":"https:\/\/wp.standage.co.jp\/us\/wp-json\/wp\/v2\/posts\/3180"}],"collection":[{"href":"https:\/\/wp.standage.co.jp\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wp.standage.co.jp\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wp.standage.co.jp\/us\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wp.standage.co.jp\/us\/wp-json\/wp\/v2\/comments?post=3180"}],"version-history":[{"count":15,"href":"https:\/\/wp.standage.co.jp\/us\/wp-json\/wp\/v2\/posts\/3180\/revisions"}],"predecessor-version":[{"id":3478,"href":"https:\/\/wp.standage.co.jp\/us\/wp-json\/wp\/v2\/posts\/3180\/revisions\/3478"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wp.standage.co.jp\/us\/wp-json\/wp\/v2\/media\/3470"}],"wp:attachment":[{"href":"https:\/\/wp.standage.co.jp\/us\/wp-json\/wp\/v2\/media?parent=3180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wp.standage.co.jp\/us\/wp-json\/wp\/v2\/categories?post=3180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wp.standage.co.jp\/us\/wp-json\/wp\/v2\/tags?post=3180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nIn trade transactions involving the exchange of goods for payment, the exchange has traditionally been between a Bill of Lading (B\/L) (*1), which is used in place of the goods, and the payment.
\nOn the other hand, in international transactions, the exporter and importer are geographically separated, making it impossible to exchange the bill of lading and payment simultaneously. This creates a risk of default by either party, requiring the cost of risk hedging through banks, insurance, factoring, etc.
\nIn recent years, there has been a growing movement in Japan to amend the law to allow electronic bills of lading (B\/L), and other countries are also working to enact legislation to digitize B\/Ls and similar documents.
\nFurthermore, there are international discussions regarding the practical application of digital currencies, and efforts toward the practical implementation of CBDCs (Central Bank Digital Currencies) are intensifying, particularly in countries like China and Cambodia.
\nAs electronic bills of lading and digital currencies (or crypto assets) become more widespread internationally, the possibility arises of simultaneously exchanging both digital data. Four companies\u2014Tokio Marine & Nichido, NTT Data, Standage, and Tradewaltz\u2014conducted a pilot project to build a new trade settlement system that will enable this "simultaneous exchange."<\/p>\n
\n(1) Contents:
\nIn the demonstration experiment, we confirmed that it is possible to simultaneously transfer digitized "B\/Ls" and "digital currency (or crypto assets)" on a trade platform using blockchain technology.<\/p>\n![\"\"](\"https:\/\/wp.standage.co.jp\/wp-content\/uploads\/2021\/10\/ad43adcd0d955404bcdbd3eb2b336772-1024x399.png\")
Figure 1: Flowchart of simultaneous exchange of electronic bill of lading and digital currency (or crypto asset)<\/strong><\/p>\n
\nFurthermore, for the verification of this demonstration experiment, Matsuo Sangyo Co., Ltd. (https:\/\/www.matsuo-sangyo.co.jp\/<\/a>), Will-Be Co., Ltd.https:\/\/willbecorp.com\/<\/a>With the participation and cooperation of several companies, including [company name], and the concrete advice they provided toward practical application, we were able to gain confidence in commercializing the product.
\nThe simultaneous execution of electronic bill of lading transfers and payments in digital currency has been confirmed, making it possible to provide a trade settlement mechanism unlike anything seen before.<\/p>\n
\nhttps:\/\/www.tokiomarine-nichido.co.jp\/company\/release\/pdf\/201027_01.pdf<\/a>
\n(*3) A mechanism that allows information to be exchanged between different blockchains.<\/p>\n
\nBased on the results of the demonstration experiment, we expect the following effects from this initiative.<\/p>\n
\nWhen trade payments are made in advance, there is a risk that the buyer will not receive the goods, while with payment after delivery, there is a risk that the seller will not receive payment. With electronic bills of lading and digital currency (or crypto assets), simultaneous exchange becomes possible, eliminating these risks.<\/p>\n
\nTo avoid risks related to trade payments, a third party (such as a bank, factoring company, or insurance company) assumes the risk and receives a risk premium as compensation. However, if simultaneous exchange becomes possible, it is expected that the risk premium will no longer be necessary.<\/p>\n
\nSmall and medium-sized enterprises (SMEs) face the challenge of not being able to acquire new overseas customers despite possessing technological capabilities and unique characteristics, because they cannot obtain advance payment. Solving this problem will broaden the base of trade transactions for SMEs as well.<\/p>\n
\nSimultaneous performance of both debts and obligations clarifies the transfer of ownership of the goods, thereby resolving international sales contract and legal issues that arose due to time differences in the performance of debts and obligations.<\/p>\n
\nShiba NA Building 4F, 3-6-10 Shiba, Minato-ku, Tokyo 105-0014
\nSTANDAGE Co., Ltd.
\nPresident and CEO: Akinori Adachi
\nExecutive Vice President\/COO: Kenta Omori
\nContact Email: info@standage.org<\/p>","protected":false},"excerpt":{"rendered":"