Singapore has officially launched a centralised data platform that it says will streamline information flows across a fragmented global supply chain. The data exchange already has garnered at least 70 participants that include logistics operators, banks, and energy companies.
Called Singapore Trade Data Exchange (SGTraDex), the common data platform was first introduced in November 2020 as a pilot that aimed to improve data efficiencies in container flow and financial processes. The project is led by Alliance for Action (AFA) on Supply Chain Digitalisation, one of seven industry groups the government had established to identify and prototype new ideas to drive the local economy. The other alliances focus on key growth areas such as robotics, e-commerce, and environmental sustainability.
SGTraDex is described as a “common data highway” to facilitate information exchange between proponents across the supply chain ecosystem, providing “trusted, secure, and inclusive” access. The platform uses proprietary technology to plug gaps in supply chains, which traditionally had relied heavily on a paper-based system that lacked efficiency, transparency, and sustainability.
It verifies documents using the TradeTrust framework and distributed ledger technology, providing participants with proof of authenticity and origins of the documents exchanged on SGTraDex. Built on blockchain technology, TradeTrust is touted as a common