Fujifilm to try NTT Data blockchain platform, TradeWaltz
Japan’s Fujifilm Holdings will try the TradeWaltz blockchain platform that will be used for sharing trade information. This will be the first time that the TradeWaltz platform will be used in the manufacturing sector.
Being founded in 2017 as one of the 18 major Japanese firms that are led by NTT, TradeWaltz became an independent company in April 2020. Recently, the platform received investment from seven top companies such as Mitsubishi and Toyota. This brought the capital to $20 million.
The trade involves dealing with high-value documents such as letters of credit.
No doubt that paperwork processing is time-consuming since the data accuracy needs to be cross-checked. But, different companies use different systems that mean that each party has to translate the document for their system. Apart from this, physical documentation can have human error. Hence, TradeWaltz is directing it by creating a distributed ledger so that trade documents can be shared.
Through the platform, each document version is recorded and stored on the blockchain. Therefore, it can be traced easily by the editor that diminishes fraud incentives. There was a clear 40%-60% reduction in the time taken to share data. Unlike other solutions, TradeWaltz uses structured document data that makes documents more accessible.
The main concern with blockchain initiatives is that they are feasible when both trading parties use the same blockchain platform. The permanent solution is Interoperability which is still a work in progress.
For example, one of the entities involved in TradeWaltz does not use the TradeWaltz platform. In that case, the network business can print the paper documentation and send accurate data. Although this feature does not completely resolve the paper documentation hassles, it just means that companies can finally adopt digital transformation projects.