The Singapore-based multinational banking entity DBS and Normal Chartered have accomplished the proof-of-oncept of their blockchain commerce finance platform referred to as the Commerce Finance Registry.

The 2 entities developed the PoC in collaboration with 12 different banks on prime of the blockchain platform of Singapore-headquartered firm dltledgers.

dltledgers instructed Cointelegraph that the banks concerned within the venture now intend to launch the platform for business use by central banks across the globe.

Whereas the platform will first be utilized by the Financial Authority of Singapore, the entities concerned within the venture additionally plan to suggest it to central banks from america, United Kingdon, Thailand, United Arab Emirates, India, Hongkong, Qatar and Indonesia.

Backed by Enterprise Singapore — a authorities enterprise beneath the Ministry of Commerce and Trade — and the Affiliation of Banks in Singapore, the commerce finance platform is predicted to assist banks battle fraud in lending and commodity commerce.

In accordance with dltledgers founder Samir Neji, the platform makes use of the corporate’s blockchain-based TradeDoc Validation Registry to assist banks detect fraud in real-time.

DBS and Normal Chartered stated in a statement that the pilot check helped scale back the possibilities of duplicate financing from totally different financial institution lenders for a similar commerce stock. This, they added, will result in better belief and confidence amongst banks and merchants.

That is solely the most recent effort by DBS in utilizing blockchain to digitize commerce finance. Solely 4 months in the past, the financial institution joined the blockchain community Contour, constructed over R3’s Corda, as a way to modernize processes for the settlement of letters of credit score.