Transforming Global Trade
The XDC Trade Network provides an all-encompassing suite of interoperable, decentralised applications (dApps) purpose-built on the XDC Network, with a mission to revolutionise the global supply chain and trade finance industry through complete digitalisation – transforming Global Trade.
Working in collaboration with their eco-system partners – trade bodies, standard organisations, trade participants & regulators – the network strives to bring forth the key benefits:
Interoperability of MLETR Solutions
The XDC Trade Network enables seamless compatibility with various Model Law Electronic Transferable Record (MLETR) solutions, fostering harmonious integration across the supply chain and trade landscape.
Funding for MLETR Compliant Trade Documents
With a focus on trade documents developed using MLETR compliant solutions, the network facilitates efficient funding options for trade transactions.
Empowering Trust and Efficiency
By leveraging decentralised control, the network ensures seamless verification, asset transfer and atomic swaps, instilling trust in the system.
Integration with TradeTrust
The network effortlessly integrates with TradeTrust, a public utility built on Open Attestation framework, empowering users to verify documents and transfer asset ownership represented by negotiable documents.
Atomic Swap of Funds and Title Ownership
Through smart contracts, the XDC Trade Network enables the secure and decentralised exchange of funds and asset ownership, eliminating the need for central control. Leveraging Distributed Ledger Technology (DLT), the network achieves atomic settlement of capital for documents, streamlining the trade process.
End-to-End Functionality using Existing Blocks
The network capitalises on existing blocks to deliver comprehensive end-to-end functionality, enhancing efficiency and reducing complexities.
Smart Contracts for Regulatory
Compliance Smart contracts’ service layer logic automates regulatory compliance, ensuring adherence to industry guidelines and best practices.
On & Off “Ramp” Capabilities
The network seamlessly connects real-world assets with their blockchain representation (tokens), fostering a strong link between physical and digital assets.
Incorporating Industry Standards XDC Trade Network adheres to the recommendations and best practices of esteemed industry organisations, including ICC, Baft, DSI and regulators.
Enhanced KYC and KYT Measures
The network’s eco-system implements robust KYC (Know Your Customer) and KYT (Know Your Transaction) protocols, enabling AML (Anti-Money Laundering), TBML (Trade-Based Money Laundering) and sanction checks for enhanced security.
In summary, the XDC Trade Network brings a promising future for transforming global trade and supply chain/trade finance industry by offering a comprehensive suite of dApps, seamless integration with existing solutions, an emphasis on interoperability and a focus on security, trust and compliance. This transformative platform is set to redefine traditional practices, providing a decentralised, efficient and transparent ecosystem for trade finance on XDC Network.
Using distributed ledger technology, shippers will share their trade document with proof of authenticity and origins for these documents, enabling a more seamless and efficient flow of goods between digitally interconnected trading partners. Documents they will share are as below:
- Warehouse Receipts
- Certificates of Origin
- Commercial Invoices
- Packing Lists
- Bills of Lading
- Customs/Goods Declarations
- Insurance Certificates
The above documents will be created over a MLETR-compliant solution to ensure the verification of authenticity and provenance of the digital trade documents mentioned above. In addition, the solution is designed to handle electronic transferable records like electronic Bills of Lading (eBL) in a way that fulfills the three criteria stipulated by the UNCITRAL Model Law of Electronic Transferable Records (MLETR) which are to maintain singularity, exclusive control and integrity.