Talk to Our Experts
Worlds’s Largest Trade Body, International Chamber Of Commerce Embraces Blockchain Technology
Apr 12, 2019
World’s oldest trade association, International Chamber of Commerce (ICC), whose history, dates back to as early as the pre-world war II period and still a formidable part of the world’s business ecosystem is embracing blockchain technology. ICC, founded in 1920 by then US President Woodrow Wilson to peacefully settle international business disputes, and now brands itself as the world’s largest business organization. The group represent 45 million businesses from over 130 countries, helping them to conclude business transactions smoothly.But, with rapidly changing geopolitical environment and hardening stance of world superpowers in terms of looming trade wars and movement of goods, ICC is banking on blockchain technology to continue with its mission to facilitate the free flow of goods.ICC’s current secretary general, John Denton says:“If goods are able to move across borders without the need to be accompanied by troops, there is a higher probability of peace and prosperity.”ICC has signed an agreement with Singapore-based blockchain startup Perlin Net Group to facilitate with its mission. ICC and Perlin will create a new alliance, the ICC Blockchain/DLT Alliance, and will let companies in the alliance explore Perlin’s blockchain platform (yet to be publicly launched) could be used to improve the supply chain and simplify cross-border trade finance.“We can trace back the ICC interventions that made a big impact on the global economy in the 20th century. We think this might be one which we can look back on in 100 years and say the ICC shifted blockchain in a way that enabled the private sector to function more effectively in a sustainable way and actually create more opportunities for people.” Denton added.Today’s announcement by ICC is just the official statement of their engagement with Perlin and use of blockchain technology. ICC already had blockchain projects underway with Perlin and according to the agreement, Perlin will share the results of their first blockchain proof of concept, which was undertaken in collaboration with the fabric giant Asia Pacific Rayon (APR).Perlin’s blockchain platform is designed to let users track and move all kinds of value and write dapps that don’t rely on a centralized processor. Unlike any other blockchain startup, Perlin will also have native cryptocurrency called perls, which is expected to be mined over the next three months.