Creating a Globally-Interconnected Platform
Since 2017, NTT DATA has been making great efforts to establish an optimized and sophisticated trading ecosystem. We would like you to know some of our achievements in implementing our trade information collaboration platform “TradeWaltz®”.
Achievements of the Trade Consortium
In August 2017, NTT DATA launched the Trade Consortium with 13 leading Japanese companies engaged in trade operations such as shippers, banks, insurers, and carriers to build a trade information platform using blockchain technology.
The Consortium set up working groups focusing on operational flow, technology, and laws/regulations. After carefully identified issues in each domain and examined coordination of trade information, the Consortium achieved the following:
- Established a cross-industrial operational flow
- Developed a standard data format for trade documents
- Registered and shared trade documents on a blockchain platform; verified access control and other technical matters
- Conducted a trade operation proof of concept (PoC) using a trade data sharing platform; demonstrated operational cost reductions across all kinds of processes (by up to 60%)
- Developed an application programming interface (API) for registering and sharing trade documents on the blockchain platform
- Examined compliance with the Model Law on Electronic Transferable Records (MLETR) established by the United Nations Commission on International Trade Law (UNCITRAL)
- Summarized legal issues regarding the digitization of trade documents
- Conducted surveys on relevant global trends and collaborated with overseas institutions
Proof of Concept (PoC) in Singapore
In 2017, NTT DATA conducted a PoC to connect to Singapore’s trade sharing platform, NTP (Networked Trade Platform), and successfully demonstrated improved security, efficiency, and transparency in cross-border transactions.
PoC in Japan
In July 2018, NTT DATA was selected as a participant in a NEDO※1 project to develop a platform for a new industrial model that leverages IoT.
During the project, we built a system for sharing trade data and conducted a PoC at three major ports-Tokyo (Oi), Shimizu, and Hakata-which export containers to Asia. The PoC resulted in increased productivity and reduced export lead time for all participants in trade operations (including those that had not digitized their data). In addition, we verified an application programming interface (API) and a simple interface to facilitate smooth system linkage.
※1 New Energy and Industrial Technology Development Organization (under the auspices of the Ministry of Economy, Trade and Industry)
PoC in Thailand
In 2018, NTT DATA conducted a PoC to digitalize trade procedures between Japan and Thailand in cooperation with local service providers and Japanese companies and banks operating in Thailand. Through seamless coordination with existing Thai trade procedure services, we demonstrated benefits to users and eliminated systems-related issues.
Trial Deployment with JSCCIB of Thailand
From July to October 2019, NTT DATA conducted a joint trial deployment with Thailand’s Joint Standing Committee on Commerce, Industry and Banking (JSCCIB). JSCCIB is striving to build a trade platform in Thailand and the trial using our platform was conducted as part of their National Digital Trade Platform (NDTP) project.
The NDTP project has been approved by the Thai government and aims to build a B2B trade platform that can be used by various participants. NTT DATA will continue to cooperate on the project.
Trial Operation of TradeWaltz®
In 2019, NTT DATA conducted a trial operation of TradeWaltz®. We provided the trial version of TradeWaltz® free of charge to the consortium members and verified it using both test and production data from October 2019 to March 2020.
Through this trial operation, we confirmed that document data can be shared smoothly among relevant parties, evaluated functionality and operability, and identified items for further improvement. In addition, we could obtain valuable feedback from all participants.
Thanks to the dedicated work of the consortium members, we have made solid progress toward social implementation of TradeWaltz®. We will take the numerous comments we received on board and move ahead to the full-scale operation in 2020.
Signing of a Trade Digitalization MOI at Davos 2020
In January 2020, NTT DATA signed a memorandum of intent (MOI) to facilitate and accelerate the adoption of trade digitalization at the International Chamber of Commerce (ICC) Trade Digitalisation Forum at the World Economic Forum in Davos, Switzerland.
The forum was co-hosted by ICC and Singaporean government organization Infocomm Media Development Authority (IMDA) to discuss the establishment of multilateral rules to promote trade digitalization.
The MOI will pave the way for the resolution of trade issues, including the promotion of digitalization through trade platforms and discussion and implementation of mechanisms for ensuring interoperability.
- Press Release
Established “Trade Waltz Inc.”, an operating entity
In April 2020, NTT DATA established Trade Waltz Inc., which is the operating entity. Cross-industry investment by seven companies in October 2020 which started operation in November.
- Press Release