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International Chamber of Commerce creates ICC blockchain alliance

Maya Mandz | Apr. 11, 2019
International Chamber of Commerce creates ICC blockchain alliance

April 11, 2019, | AtoZ Markets -  International Chamber of Commerce creates blockchain alliance to shine a light on obscure supply chains and simplify cross-border trade finance.

International Chamber of Commerce in a brief

The main mission of the International Chamber of Commerce is to rationalize global business. By 1923, it created international courts to resolve business disputes, and after World War II represented global business interests at a conference in Bretton Woods, which established the current monetary order.

The global organization members include many of the world’s leading companies, SMEs, business associations and local chambers of commerce. The ICC is headquartered in Paris and represents 45 million businesses in more than 130 countries.

ICC blockchain alliance’s purpose

John Denton, the ICC’s current secretary general has recently signed an agreement with the Singapore-based blockchain startup Perlin Net Group. The newly created ICC blockchain alliance with Perlin aim is to explore how the new technology is able to move value without banks and how it could contribute to the ICC mission to facilitate the free flow of goods. Commenting on the ICC blockchain alliance establishment initiative, Denton said:

“An interesting economic model is we could effectively launch governance around this If we’re able to tokenize this we could insert ourselves as the trusted intermediary, and there would probably be an admin charge, but not much.”

According to the ICC 2018 report, 90% of the world’s trade finance was being provided by 13 banks, something Denton thinks is evidence of a need to decentralize.

Perlin Net Group in a brief

Perlin blockchain enables its users to track and move all kinds of values ​​and write distributed applications (dapps) that are independent of centralized processors. Like Ethereum, Perlin will have its own cryptocurrency “ perls”, which is expected to be minted in the next three months or so, depending on regulatory considerations.

Perlin founder Dorji San who sees  the nascent ICC network as similar competing consortia, but for small and medium businesses, while commenting on new deal explained:

“These are large-scale efforts to democratize the DLT because now any company of the 45 million ICC members can try the benefits of the DLT. Not just big companies that can afford IBM services.”

Projects like Perlin that use tokens are currently experiencing difficulties in attracting investors. The main reason regulators limit what is required from such tokens. At the same time, companies such as IBM, R3, and Hyperledger, which operate authorized blockchain, attract wider interest.

ICC blockchain alliance might reshape the blockchain sector

Denton shared his plans about ICC blockchain alliance future during an annual ICC event in Beijing earlier this week. In his interview, the ICC’s current secretary general pointed on the fact the ICC had “a great impact on the global economy in the 20th century”. He added :

We think it can be one that we can look back in 100 years, and say that the ICC has shifted the blockchain so that the private sector can function more efficiently in a sustainable way and actually create more opportunities for people.

Under the agreement, Perlin will join ICC blockchain alliance as an official technology partner, offering free access to its blockchain platform in the early stages of the project.

In accordance with the agreement, ICC and Perlin will share the results of their first blockchain concept verification - cooperation with the textile giant Asia Pacific Rayon (APR) - in May at the Copenhagen fashion summit.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.