The International Chamber of Commerce has partnered with fintech company Perlin to make blockchain technology available to all of its 45 million members.
The 100-year-old International Chamber of Commerce (ICC), the world’s biggest and most respected trade organization, has partnered with fintech startup Perlin Net Group.
The aim of the initiative is to integrate blockchain technology into the ICC system and promote its adoption for 45 million ICC members, including Amazon, Coca Cola, FedEx, McDonald’s and PayPal.
Promoting Cross-Border Trade
The blockchain alliance was announced this week at an ICC event in Singapore. The parties created a new group, the ‘ICC Blockchain/DLT Alliance’ with Perlin as an official technology partner. All ICC members will be offered free access to Perlin’s blockchain platform which will be publicly launched soon.
The ICC believes that innovative technology will improve and simplify cross-border trade finance and flow of goods. According to the Paris-based organization, current issues with obscure supply chains might be solved with the help of blockchain technology — widely known for its traceability and transparency. The ICC hopes all its members will benefit from this initiative.
Commenting on the event, John Denton, secretary general of the ICC, expressed the hope that in collaboration with Perlin, they will enable ‘the private sector to function more effectively in a sustainable way and actually create more opportunities for people.”
In her turn, Dorjee Sun, CEO of Perlin, stressed the importance of the network for small and medium-size businesses. She called the initiative ‘a massive democratization effort of DLT’ bringing the benefits of the technology to millions of ICC members, and not only ‘massive companies that can afford IBM’s services.’
Blockchain Vs. Trade Wars
Moreover, the ICC is an umbrella body for numerous national Chambers of Commerce. All in all, it incorporates 45 million businesses from over 130 countries and thus plays a pivotal role in global trade.
Nowadays, amid rising protectionism and looming trade wars, the new alliance offers an efficient solution to these challenges. Perhaps, it’s high time for blockchain to show its true worth and demonstrate its potential to facilitate the free flow of goods and money across borders.
Do you believe that the ICC/Perlin initiative might help blockchain go mainstream? Let us know your thoughts in the comments below!