New Zealand’s ASB Bank has Invested in TradeWindow to Develop DLT Trade Platform
New Zealand’s ASB Bank has invested into a blockchain startup TradeWindow, in a bid to speed up the development of the DLT (distributed ledger technology) trade platform. AJ Smith, TradeWindow Founder, and CEO says the platform considerably reduces the danger of fraud and cybersecurity dangers as the changes can only be made with the agreement of the majority of the system.
Moreover, TradeWindow uses distributed ledger technology to make a “single trading window” that gives continuous knowledge into a trade for all members. The firm stated, changes to the information can be made “with the agreement of the majority of the system,” which means the danger of fraud and cyber-attacks are highly reduced.
Nigel Annett, official general chief of corporate banking at ASB Bank, as a part of the agreement will join TradeWindow’s board. “What began as collaboration through ASB’s innovation program to solve a customer problem is now a fully-fledged business ready to launch,” Annett said.
In New Zealand, ASB is a leading supporter of integrated financial services, which includes retail, rural banking business, insurance, and funds management. As the investments come in, TradeWindow hopes to move up two different organizations in the area, Prodac, which is an export documentation compliance organization that makes digital documentation for over 60% of New Zealand’s trades, and IVS, which helps New Zealand exporters in the timber, forestry and agricultural enterprises with product certifications and quality confirmation.
The organization likewise has a few pilot ventures planned and in progress with other Kiwi exporters in various divisions, which includes Fiordland Lobster Company, New Zealand’s biggest lobster exporter. AJ Smith, TradeWindow CEO and Founder, says the organization is one of the first technology organizations in New Zealand to get immediate funding from a New Zealand bank.
In a press release, he states –
The decision by ASB to invest in TradeWindow is a great vote of confidence. The bank is committed to accelerating the progress of New Zealand’s trade environment using new technology and recognizes the potential our product has to streamline trading between Kiwi exporters and the rest of the world,
says Smith.
A year ago ASB effectively directed the TradeWindow platform, executing a trade between a noteworthy Kiwi meat exporter, Greenlea Premier Meats and Korean importer. TradeWindow utilizes DLT (distributed ledger technology) to make a ‘single trading window’ available to all groups involved with the exchange from the shipper to the exporter. It fundamentally decreases the cybersecurity threats and danger of fraud as the changes can be only made with the agreement of the majority in the system.
TradeWindow, (www.tradewindow.io) was created by VerifyUnion NZ Ltd, which is a DLT (distributed ledger technology) expert with its primary focus on making innovative commercial solutions to solve network issues. Moreover, VerifyUnion NZ Ltd has been awarded ISO 9001 and 27001 accreditations.
