The International Chamber of Commerce (ICC) has officially embraced blockchain technology, with the international organization signing an agreement with blockchain startup Perlin Net Group at a sold-out conference in Singapore yesterday.

Co-hosting the “How Blockchain is Changing Commodities Trading, Trade Finance, Anti-Counterfeiting and Traceability” conference with Perlin, the body held discussions with industry leaders on the South-east Asian island to “discuss practical real-world applications of blockchain and distributed ledger technology (DLT) to drive practical digital innovation across industry sectors”.

The blockchain deal, according to Forbes, will result in the creation of the ICC Blockchain/DLT Alliance. The companies will examine Perlin’s own blockchain platform, still in private launch, to see how cross-border trade could be simplified.

As ICC has over 45 million businesses all over the world registered as its members, this potentially opens a huge market for the use of blockchain technology in commerce thanks to economy of scale. According to Perlin project lead Dorjee Sun:

“This is a massive democratization effort of DLT, because now any company of the 45 million ICC members can give the benefits of DLT a try. Not just massive companies that can afford IBM’s services.”

The 99-year old organization’s current secretary general, John Denton, said about the potential of being able to use blockchain tech to transport goods across borders without relying on the need of troops, therefore aiding the chances of “peace and prosperity”. Denton added:

“We can trace back the ICC interventions that made a big impact on the global economy in the 20th century. We think this might be one which we can look back on in 100 years and say the ICC shifted blockchain in a way that enabled the private sector to function more effectively in a sustainable way and actually create more opportunities for people.”

 

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