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BlockTEST builds digital solution for reconciling efficiency with security in the Singapore bunker fuel trading and financing industry. At its core, it uses blockchain to enable the exchange of cargo ownership, claim rights and receivables as digital (tokenised) assets in a digital marketplace. It provides players in the liquid bulk ecosystem with a standardised, interoperable digital platform to streamline trades and optimize credit risk management. Early trials have shown a reduction of operational costs by up to 50%, improvement in risk perception, strengthening of credit support and compression of settlement cycles from weeks to hours.
