TradeWaltz is the Japanese blockchain platform for digital trade founded by NTT Data and major trade conglomerates such as Mitsubishi. Japan’s largest non life insurers, Tokio Marine & Nichido Fire and Sompo, have been shareholders since incorporation in 2020. However, they only started to use the platform for insurance last month when the TradeWaltz insurance offering went live.
Digitalization was the primary motivation for launching TradeWaltz and the accompanying time savings. Because blockchains are hard to tamper with, processes become more secure.
For example, bills of lading represent the title to the cargo in transit. Historically, the exporter would courier the document from the onboarding port to the destination, but that can be risky. Electronic bills of lading (eBL), which are cryptographically signed and sent over the network, help to enhance security. We believe Japan does not yet fully recognize these eBLs legally, but that is something that Tokio Marine has been pushing forward.
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