Case Study: Blockchain – Blockchain-based trade platform partner selection study

The challenge

Our client is one of the leading IT services providers in Japan, having a strong focus on innovation. The company is exploring the feasibility of establishing a Blockchain-based cross-border trading platform which aims to create an efficient, secure and transparent trading ecosystem.

The client has completed a Proof of Concept for a few trade operations and started a Consortium constituting trade stakeholders in Japan. At present, the company wishes to explore potential partnership opportunities overseas for the initiative.

The objectives of the study were:

To approach trade-related companies in Thailand, Indonesia, Malaysia and Singapore to understand their interest for the Blockchain trade platform initiative as well as their concerns and pain points relating to current trading operations platforms
The process

Spire approached key trade stakeholders including banks, insurers, trading companies, shippers, and customs officials; and invited them for a preliminary partnership discussion.

5 – 6 discussions were conducted in each of the four ASEAN countries, leading to the generation of a final regional report providing cross-country insights and recommendations on priority markets for rolling out the blockchain-based trading platform initiative.


The results

Through the study, the client gained a better understanding of digital applications used by different parties within the trading ecosystem in ASEAN along with the challenges associated with industry-wide adoption.

Across all countries studied, most of the respondents appeared interested in the Blockchain-based platform. However, they lacked strong incentives to join the Consortium, since there would only be benefits when most of the stakeholders are on board.

The studied concluded that to kick start adoption, strong government incentives and bank adoption were critical.

Spire’s insights and recommendations provided the foundation for the client developing its strategy around overseas partnership development moving forward.