iTrust platform is a multi-party platform that provides visibility on documentary, financial and operational aspects of trade financing transactions.
All the data captured or created in iTrust are blockchained and stored in a distributed ledger, offering trust, transparency, and immutability to stakeholders.
Visibility across Financial, Operational and Documentary Layers
Once parties enter into an agreement for trade financing or for the sales and purchase of goods, contract execution is captured on iTrust.
Commercial documents such as purchase orders, invoices are exchanged between buyers and sellers on iTrust. True copies of the shipping documents such as Bills of Lading are also uploaded onto iTrust. The physical document copies can be verified against genuine copies on iTrust’s distributed ledger, minimising fraud.
Tracking of Transit Cargo
While in transit, lenders and traders alike can log onto iTrust for real-time visibility of the cargo location. iTrust will also provide real-time alerts if the cargo is tampered with or if the cargo has deviated from the prescribed route, enabling timely recovery action to be taken.
Tracking of Cargo In Storage Location
Cargo might be stored in storage facilities while moving through the supply chain. IoT devices track the facility security as well as the cargo quantity and condition. Stakeholders will obtain real-time visibility of the cargo on iTrust, including alerts on discrepancies.
Once the conditions for payment have been fulfilled, Smart Contracts will trigger payments from the Buyer in accordance with the payment terms at different points in the trade execution process. Proof of payments are captured and payment amounts are reconciled.