Verifiable Docs
BlockPeer integrates with TradeTrust, a Singapore-based company supported by IMDA, to offer verifiable trade documents like eInvoices, ensuring the authenticity, integrity, and transparency of important business records. BlockPeer’s partnership with TradeTrust allows users to create, issue, and manage verifiable digital documents that are compliant with global standards, securely stored on the blockchain, and legally valid.
What Are Verifiable Documents?
Verifiable documents are digital records that can be authenticated and verified for their accuracy and integrity. These documents, stored on a blockchain, allow for seamless verification by third parties such as financial institutions, trading partners, and auditors. BlockPeer, in collaboration with TradeTrust, enables businesses to issue verifiable documents such as eInvoices making them legally recognizable under the UNCITRAL MLETR framework.
Benefits of Verifiable Documents for Businesses
Enhanced Trust and Transparency Verifiable documents ensure that your trade documents, like eInvoices, are tamper-proof and traceable. The use of blockchain technology guarantees that any third party receiving the document can easily verify its legitimacy and its history.
Faster Trade Financing When businesses use verifiable documents on BlockPeer Cliq, they significantly expedite financing processes. Financial institutions can confidently assess these documents' validity, allowing for faster approvals. This enables businesses to access trade financing in as little as 24 hours, subject to financier terms.
Compliance with Global Standards By integrating with TradeTrust, BlockPeer users can rest assured that their verifiable documents comply with international trade standards, including the UNCITRAL MLETR. This ensures that digital trade documents have legal recognition and can be used globally in various trade finance scenarios.
Secure and Immutable Records Since these documents are issued and stored on blockchain, they become immutable—meaning they cannot be altered or tampered with once issued. This offers unprecedented levels of security, significantly reducing the risk of fraud or document forgery.
Cost Savings and Efficiency Verifiable digital documents reduce reliance on physical paper documents, eliminating delays and costs associated with shipping paper records. They also streamline workflows by allowing businesses to share trade documents electronically with partners, financiers, and auditors, saving time and increasing overall operational efficiency.
Interoperability Across Platforms Thanks to TradeTrust, the verifiable documents issued on BlockPeer can be easily shared and accessed by any trading partners using compatible platforms, ensuring cross-border compatibility and seamless trade document exchange.
How Blockchain Ensures Verifiability and Authenticity
Blockchain technology plays a crucial role in the authenticity of verifiable documents. Here’s how:
Immutable Record-Keeping: Once a trade document is issued and recorded on the blockchain, it cannot be modified. This ensures that the data remains accurate and verifiable throughout its lifecycle.
Instant Verification: Any third party can instantly verify the document's authenticity by cross-referencing it with blockchain records. This transparency fosters trust among trading parties, financial institutions, and regulators.
Tamper-Proof Security: Blockchain ensures that any attempts to alter or manipulate the document can be easily detected, safeguarding businesses against fraud and ensuring compliance with legal requirements.
Enhanced Document Traceability: Each transaction or action related to the document is recorded on the blockchain. This creates a complete audit trail, enabling businesses to track their documents' history and verify all interactions with them.
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