MACAU, May 3, 2018 /PRNewswire/ -- SilkChain, the world's first blockchain project dedicated to improving global trade, has won recognition from visionary angel investor Yehoshua Westover at the first World Blockchain Conference for its potentially disruptive role in international commerce.
In a powerful speech about how technology will reshape the global economy and re-distribute wealth in the digital era. "In the near future, SilkChain will be wildly popular in world markets, and revolutionize the way international trade deals are done along China's One Belt, One Road routes," Westover told the audience. His comments align with SilkChain's vision to create a fairer and freer global trade system in the digital age.
Developed by Singapore-based International Trade Digitalization Commission (ITDC), SilkChain is a next-generation smart contract platform that seeks to use blockchain technology to build a decentralized, global digital free-trade zone.
SilkChain's digital network can address chronic obstacles in the traditional trade system. Its authentication system and smart contract standard for global commerce help boost efficiency and slash transaction costs.
Following the principles of decentralization, openness and mutual benefit, SilkChain will build an ecosystem by attracting various participants including global service providers, developers, open-source communities and trading companies to create applications that operate with localized services.
Blockchain's potential to reshape centuries-old global trade systems underlines the immense impact the technology will have on everyone's lives - a key message Westover delivered in his speech.
Rejecting claims that blockchain is a bubble, Westover said the distributed-ledger technology has the potential to restructure the global economy. "We see that the implementation of many technologies will completely change the structure of capitalism, which is scary. But those with vision and foresight can ride on the trend."
SilkChain, developed by ITDC, is the world's first blockchain project dedicated to improving international trade. The project has gathered world-leading business groups; trading companies; e-commerce companies; and logistics, warehousing and finance companies from around the world with the vision of creating a decentralized, open, transparent and trusted "Global Blockchain Free-Trade Zone". With the ancient Silk Road as its model, ITDC named this digital network SilkChain.
For more information, please visit https://www.silkchain.io/.