DigitizingTrade.com
The Digitizing Trade Programme Brings Together:
- TRADE GATEWAYS Digital Trade Network
- TradeKey, a global B2B Marketplace Leader
- GS1 as part of the GTINTOKEN ™,Programme
GS1 Operate the Barcode System Globally
GTINTOKEN ™ uses the barcode to Digitize Trade
About TRADE GATEWAYS, TradeKey, and GTINTOKEN ™
ABOUT TRADE GATEWAYS
TRADE GATEWAYS is operated by Local Merchant Services as an IBM Partner Programme. It provides an Infrastructure for Trade Digitization with over 300 Digital Trade Gateways. TRADE GATEWAYS co-operates with B2B Marketplaces with millions of subscribers.
About TradeKey
TradeKey is the leading E-Marketplace for for importers and exporters. TradeKey was established in 2006 and has a distinguished presence globally. It has many millions of million registered users. Millions of people use TradeKey every month. TradeKey gives extraordinary exposure to companies in the global market.
About GTINTOKEN Limited
GTINTOKEN ™ is Trademarked and operated by GTINTOKEN Limited, which is a co-operation with GS1,who operate the GTIN Programme globally and TRADE GATEWAYS
GTINTOKEN ™ is the world's first-ever implementation of GTIN semantics in a Trade Digitization framework. This development enables all brands already implementing GTIN for barcodes and as identifiers to seamlessly and rapidly implement a Trade Digitization Programme.
In the same way that GTIN's have been required by many companies around the world for conventional trade since 1973, GTINTOKENs will be required by many companies around the world for Trade Digitization from 2023.
The effect of the GTINTOKEN ™ is to:
- Digitize the barcode digital for Trade
- Bring the Familiar into Digital Trade
- Help To Bridge Digital Trade Standards gaps
- Do this Across a cost effective Asset Tokenization Platform
Effect of the Regional Trade Gateways Network
The Regional Trade Gateways Network helps to connect Regional Digital Trade Islands. Regional Trade Gateways Operators are being carefully selected by TRADE GATEWAYS
This means that Regional Trade Gateways Operators can:
1. Support large and small to 'medium sized' businesses in different regions to access markets globally across the TRADE GATEWAYS Network
2. Help facilitate accruing Trade. International Trade provides many challenges. TRADE GATEWAYS can help take away much of the pain of International Trade, and help provide End To End Logistics through major Logistics Partners.
3. Help businesses with a Trade Digitization Programme. Digital Trade is like an incoming wave. Organizations that don't embrace it, could be swept away by it.
Digitizing Trade in Physical Goods Requires the kind of infrastructure that TRADE GATEWAYS provides
4. In the same way that GTIN's have been required by many companies around the world for conventional trade since 1973, GTINTOKENs will be required by many companies around the world for Trade Digitization from 2023.
As such, there is huge scope for Regional Trade Gateways Operators to help Manufacturers get GTINTOKEN numbers as unquique identifiers under the GTINTOKEN Programme.
GTINTOKEN ™ and the Digitizing Trade Programme
Simplifying Documentation
Trade is currently a document-intensive process, which slows processing time.
Digitization is simplifying the workflow, pushing down costs and reducing risk. Replacing physical documents with electronic versions streamlines time-consuming activities related to the physical movement, recording and storing of documentation.
This also increases accuracy, reduces documentary risk and the likelihood of disputes between parties.
Benefits for Manufacturers
Digitization is one of the biggest challenges, but also one of the greatest opportunities for UK manufacturing. Digitization can help with Digital Trade Passports and the many attendant benefits.
80% of manufacturers believe digital technologies will be a reality in their business by 2025.
Standardisation is Vital
There are currently a number of digital islands using different protocols and platforms. There needs to be globally accepted standards to ensure better alignment.
GTINTOKEN ™ builds on the universally accepted GTIN structure behind the bar codes and as such is uniquely placed as a platform with globally accepted standards.
Trade is a cross-border process – it doesn’t happen in isolation. If data is locked in one jurisdiction or on one digital platform it becomes very difficult to access. GTINTOKEN ™ helps to overcome these problems.
All Businesses Need to Prepare
With the world digitizing, all trade participants need to change their mind-set. Paper processes are deeply embedded for many. GTINTOKEN ™ helps put the infrastructure in place for Digital Processes.
Manufacturers and Suppliers need to get Digital Identities for their products and offer Tokenized versions of them. They currently have a GTIN for their products. They now need Tokenized versions of their products as a GTINTOKEN ™.
There is a lot of ground for Manufacturers and Suppliers to cover in this regard as most have no Digital Identities for their products or Tokenized versions of them. GTINTOKEN ™ can help in this regard.
SMEs Need to Prioritize
Even with the huge resources available to them, it can be difficult enough for major corporations to go digital. For SMEs it’s an even tougher ask and some are simply overwhelmed with the amount of change they need to go through.
The important thing is to prioritize. There are lots of ways that SMEs can become more efficient by digitizing. It’s hard to imagine how firms with absolutely no digital capabilities will be able to succeed in the future.
GTINTOKEN ™ can be of major help in this regard
GTINTOKEN ™ Processes and Use as a Digital Products Passport
About the GTINTOKEN
A GTIN (Global Trade Item Number), is a unique and internationally recognized ID for a product. The GTINTOKEN is a tokenized version of that product that uses a Number as a Unique Ientifier that includes the GTIN, as well a code to identify the specific type of smart contract utilized in the Trade Digitization of that product.
This allows for the facilitation of GTINTOKENs to act as Digital Product Passports, by incorporating batch numbers for specific batches of products.
GTINTOKENs as Digital Product Passports.
Through GTINTOKENs, businesses will have the opportunity to access more supply chain visibility. The GTINTOKEN platform will feature GTIN Tokens as global unique product identifiers that adhere to global standards
A GTINTOKEN QR code will allow the following information to be easily accessed.
- Relevant Product Details
- Relevant Batch Number
It will also help with:
- Enhanced product traceability,
- Improved supply chain visibility,
- Ensure the relevant Industry Smart Contract is used
- Ensure appropriate data is shared securely with appropriate users.
GTINTOKEN ™ could allow the convergence of physical, financial and document chains hence making automation of key processes possible. E.g. automating payments or the release of funds with the use of smart contracts when conditions are met.
GTINTOKEN ™ is a framework that comprises globally-accepted standards that connect governments and businesses to a public blockchain to enable trusted interoperability of electronic trade documents across digital platforms.
GTINTOKEN ™ allows end users to endorse, exchange and verify documents and effect title transfer across different digital platforms seamlessly. GTINTOKEN ™ can be utilised to digitalise two categories of documents used in cross-border trade:
Verifiable Documents such as the Certificate of Origin where the provenance and authenticity of the e-document can be easily verified by any party;
and
Transferable Documents such as Bill of Lading where the e-document’s title ownership can be transferred from one party to another.
Providing a framework to connect digital islands
The Digital Trade Gateways that are part of the TRADE GATEWAYS Network., are closed User Groups across which users agree legal equivalence between paper and electronic documents. They are connected across the TRADE GATEWAYS Network
Trade is changing
Trade is pretty much done the same way today as it has been for the last 200 years. Possession of paper documents of title have represented ownership. TRADE GATEWAYS is helping to provide an infrastructure for change..