We have already written about NTT datathe commercial blockchain solution of, TradeWaltz, which she started working on in 2017. Today, she announced that she and six other companies have invested in the company. The company now has capital and reserves amounting to 2.1 billion yen ($ 20 million), which means more funding than this.

The investors include three sogo shosha or trading companies, Mitsubishi Corp, Toyota Tsusho and Kanematsu. In addition, there is MUFG bank and insurers Tokio Marine & Nichido Fire and Sompo. However, there were 18 companies involved prior to incorporation.

The Digital Commerce Platform is a cross-industry solution that aims to digitize business documents by creating structured documents, not just storing PDF files. The plan is to use this data for further automation and to create new opportunities.

TradeWaltz is estimated to reduce administration time spent by staff by up to 50%. Previous trials have shown a 44% reduction in time when a letter of credit was involved and a 46% reduction in open account trade finance.

Initially, the solution is focused on Japanese trade with ASEAN countries. He wants to ensure that each country has an independent business operation for the purposes of data sovereignty. The goal is to encourage applications to be built on the platform, which NTT Data has described as a franchise-type model.

The ultimate goal is Regional Digital Business Connectivity (RDTC), where NTT Data collaborates with the Japanese Ministry of Economy, Trade and Industry (METI). Japan is currently the leader of ASEAN and the ASEAN Business Advisory Council is considering the initiative. NTT Data has already done some testing in Thailand.

In addition, TradeWaltz intends to allow interoperability with other platforms and has signed a declaration on this with IMDA Singapore and the International Chamber of Commerce (ICC).

Abandon

Prior to its incorporation in April, 18 companies were involved in TradeWaltz, including most of Japan’s large sogo shosha, four container shipping and logistics companies, and more banks and insurers. The lack of interest from shippers is not a reflection of the project given the major impact of COVID-19.

What is remarkable is that with the possible exception of Kanematsu, all other investors have experience with blockchain through other initiatives. An example is Tokio Marine & Nichido, where the holding company is an investor in the B3i insurance platform.

Tokio Marine & Nichido Vice President Makoto Okada said, “This is the world’s first initiative to digitize freight insurance policies that are sold and transferred between merchants through blockchain, and with all participants. At Trade Waltz, we will introduce new practices in trade practices for the world of Japan. “