The International Chamber of Commerce (ICC) will enable the use of blockchain technology among its millions of businesses to benefit from its application and allow them to monitor various stages of production.
The ICC has partnered with Perlin, a Singapore-based blockchain startup, to explore how blockchain can support ICC’s work. Perlin will be the official technology partner and will initially offer free access to its blockchain platform.
John W.H. Denton AO, Secretary General of the ICC, said: “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.”
The ICC and Perlin are exploring how Perlin’s blockchain platform can help make procedures more transparent, especially when it comes to supply chains and cross-border trade finance.
Perlin’s blockchain will allow users to trace different kinds of value and write distributed applications (dapps). Perlin’s cryptocurrency, will be minted in the coming months.
Blockchain Projects
ICC’s massive member network includes such recognizable names as Amazon, Coca Cola, Fedex, McDonalds and PayPal. ICC and Perlin’s first project will take them into the fashion and textile industry where the project “Follow Our Fibre,” will trace data in the blockchain, recording all stages, from the trees to their chemical treatments and the spools sold to producers. According to the agreement, which was signed on March 20, the ICC and Perlin will announce the project’s outcome in the Copenhagen Fashion Summit, in May.
Among other proofs of concept, ICC and Perlin are planning to prove the origin of cannabis plants and record every stage of the supply chain in a distributed ledger, trace the origin of cobalt, and work on ICC’s Business Action to Stop Counterfeiting and Piracy (BASCAP) initiative.
Founded in 1920, with the purpose to peacefully settle international disputes, the ICC represents 45 million businesses in more than 130 countries, making it, as it claims, the world’s largest business organization.