Turkish bank uses blockchain technology in foreign trade

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March 5, 2022 17:00 (UTC+04:00)

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By Vugar Khalilov

Turkey’s VakifBank applies new blockchain technology in foreign trade, Yeni Shafak newspaper reported.

An important phase has passed in the Turkish Trade Chain Project, which uses blockchain technology to accelerate foreign trade activities and reduce costs.

The first phase of the project, which started in 2021 and involved VakifBank, Defense Technologies Engineering (STM), Dogus Automotive, Dogus Technology and Unsped Customs Consultancy, was successfully completed.

The workflows and stakeholders of 313 key documents in the project’s import and export processes were individually extracted and assessed.

In the first phase, test data was written to the blockchain network using the “Tax Payment” and “Customs Tax Collection Receipt” (GVTA) documents generated after cash management payments. As a result, each stakeholder had access to the relevant document according to their level of authority.

The project aims to accelerate foreign trade processes through smart contracts, strengthen data security and tracking through encryption and distributed ledgers, improve collaboration between stakeholders, and eliminate repetitive data exchange. In the next phase, it is planned to import various documents related to foreign trade into the system.

VakifBank played a key role in the implementation of this multi-stakeholder initiative, which aims to translate cutting-edge technology into goods and services that would promote international trade, as well as trust, speed and convenience in operations.

VakifBank aims to diversify its service channels with blockchain technology and break new ground in foreign trade and cash management processes with online tax collection (API), gumkart and SMS customs services.

The Turkish Trade Chain project, which is based on multi-stakeholder and multi-level data exchange, is attracting attention as an important step towards the digitization of all processes in foreign trade.

The inclusion of all foreign trade actors in the platform, from importers and exporters to warehousing operations, is expected to have a significant impact.

Blockchain technology aims to reduce communication traffic between those involved in the foreign trade process (which requires the creation of many documents) and make data exchange more transparent, traceable, verifiable and controllable.

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