TradeWaltz, a Blockchain-Based Trade Platform, Achieves Digitization of Trade Operations

Busan-based startup TradeWaltz is leading the digital transformation of trade operations by developing 'TradeWaltz,' a blockchain-powered trade information platform. Previously, most trade-related documents were handled on paper, making management challenging. However, this platform enables the integrated management of all trade information as electronic data.

TradeWaltz was established in April 2020 through a joint investment by seven companies: NTT DATA, Mitsubishi Corporation, Toyota Tsusho, Tokio Marine & Nichido Fire Insurance, Mitsubishi UFJ Financial Group, Kanematsu Corporation, and Sompo Japan Insurance. Initially, the goal was to fuse the trade expertise of each company with NTT DATA's blockchain technology to digitize the entire trade workflow.

The platform's key features include electronic storage of trade-related documents, linkage of contract and transaction information, and electronic payments. It allows for the integration of import/export permit data and related documents to digitize customs-related records, which can also be utilized for post-clearance customs inspections. Since data is recorded on the blockchain, the risk of tampering is eliminated, ensuring information transparency and security.

According to TradeWaltz, this digitalization can reduce costs associated with paper document creation, binding, and storage. Moreover, the elimination of physical document transfer is expected to significantly shorten the time required for post-clearance customs inspections.

Currently, over 50 companies are utilizing TradeWaltz on a paid basis, and the company plans to expand its operations to the Asia-Pacific region. Representative Soayama Yuki expressed his ambition, stating, "We will continue to enhance the platform and continuously improve its functionalities to lead the digital transformation of the global trade industry."

Meanwhile, TradeWaltz plans to utilize the recently secured 1.65 billion yen in funding to strengthen its technical workforce and establish a foundation for overseas expansion. Participating major companies are also expected to leverage the TradeWaltz platform to reduce costs and enhance the efficiency and transparency of their trade processes.