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Trade Chain

Primechain Technologies TRADE-Chain brochure

TRADE-Chain is the global trade finance blockchain for the US$ 12 trillion trade finance sector.

TRADE-Chain

Table of contents

1. Executive summary
2. System requirements
3. API keys for the sandbox
4. Creating addresses
5. Trade channels
6. Components and modules

1. Executive summary

International trade has existed for thousands of years and involves the exchange of capital, goods, and services across international borders. International trade represents a significant share of Gross Domestic Product (GDP) of most countries.

Trade finance is an umbrella term for all the monetary activities related to commerce and international trade - lending, the issuance of letters of credit, factoring / invoice discounting, export credit and insurance.

Trade financing protects against the unique risks of international trade - currency fluctuations, political instability, and issues of non-payment & creditworthiness.

The market for trade finance is estimated to be above US$ 12 trillion annually. (Source: World Trade Organization).

Pain points of today’s trade finance process:

Pain points of today’s trade finance process

TRADE-Chain

Today, the Internet enables the movement of data (videos, text, photos) globally in milliseconds. But try moving value and you will be surprised by the costs, inefficiencies and time delays. Blockchain is a revolutionary technology that enables "internets of value" that can move value in seconds - money, trade documents, financial securities and more.

TRADE-Chain reduces errors, fraud, cost & time in the trade process and increases revenue, transparency, auditability and efficiency of trade operations.

Components of TRADE-Chain

1. Blockchain Asset Layer:
This handles the asset lifecycle management (issuance, payment, exchange, escrow, retirement) for invoices, fiat backed tokens, goods & cargo contracts, loyalty programs.

2. Database layer:
This powers the API key management and rating function.

3. Blockchain Signature Engine:
This provides electronic signature functions for data and documents without the need to disclose the actual content being signed – secure key generation, signing and verification.

4. Blockchain Storage Layer:
This holds the trade channels, encrypted & unencrypted data and documents.

5. Blockchain Encryption Engine:
This provides symmetric (AES) and asymmetric (RSA) encryption functions – secure key generation, encryption and decryption.

6. Blockchain-based authentication:
This combines the power of blockchain technology and public key cryptography for secure authentication and identification of people and devices.

7. Primechain® API layer:
The above-mentioned layers and engines interact with the user systems through the Primechain® API layer.

TRADE-Chain APIs can be easily and securely integrated with legacy and mobile applications

Integration

Information Security & TRADE-Chain

Information Security & TRADE-Chain

2. System requirements

The following types of TRADE-Chain nodes are available:

  1. Importer and Exporters nodes
  2. Bank nodes
  3. Financer and investor nodes
  4. Insurer nodes
  5. Export credit agency nodes
  6. Freight company nodes
  7. Regulator nodes
  8. Service provider nodes

System requirements for nodes

2 virtual machines / physical servers with the following details are required:

  • Ubuntu 16.04 machine with 32 GB RAM, 4 core processor, 100 GB SSD disk with ports 22, 15590 and 61172 open.
  • Ubuntu 16.04 machine with 32 GB RAM, 8 core processor, 25 GB SSD disk with ports 22 and 2512 open.

3. API keys for the sandbox

API keys authenticate access to the TRADE-Chain sandbox. To generate an API key, use get api/v1/get_api_key. An API key must be passed in the authorization header. (See example)

Sample output

{
"status": 200,
"api_key": "zA-nTC$sKTn5VyYAhED66w3CVDBvJ7K6!c0Vbu0pMY13QtwCS&YfqIF0!1$qpHVv",
"message": {
14040: "A new API key has been successfully generated"
}
}

4. Creating addresses

Every node has a default address. If required, additional addresses can be created on a node using get /api/v1/create_entity. The following are generated:

  1. public key
  2. private key
  3. primechain address

The output will be the newly created primechain address. The corresponding private key is automatically stored in your node. This will not be visible to other nodes. This address will have permissions to send and receive assets e.g. invoices, fiat currency backed tokens, etc.

Sample output

{
  "status": 200,
  "primechain_address": "1VCeqGYXLaqMtAFtxTNeTzfW8T714us2t3uwYM"
}

5. Trade channels

Storing all the data relating to a transaction, shipment or event in a dedicated trade channel enables quick and efficient data retrieval and processing.

5.1 Create a new trade channel

To create a new trade channel use post /api/v1/create_trade_channel and provide these 4 parameters:

  1. primechain_address - your node's default primechain address. This is provided to you when your node connects to TRADE-Chain.
  2. trade_channel_name - the trade channel name. This must be unique across the blockchain and can contain a maximum of 32 characters including blank spaces.
  3. trade_channel_details - a short description of the trade channel
  4. open: true or false
    • if set to true, write permissions need not be explicitly provided. All addresses can write to the trade channel.
    • If set to false, write permissions need to be explicitly provided.

Note: It is recommended to keep the set the value to false and to provide write permissions on an address basis.

Sample input

{
  "primechain_address": "1VUid7fZaiFnNXddiwfwvk8idyXixkFKRSQvMp",
  "trade_channel_name": "200_tons_unobtainium_march_2019",
  "trade_channel_details": "This trade channel is for the consignment of 200 tons of unobtainium",
  "open": false
}

The output is the transaction id of the transaction creating the trade channel - tx_id.

Sample output

{
  "status": 200,
  "tx_id": "70b06829af34c04bf13592e97bacd0923ba8bbf538f3621ec040f706f58a9553"
}

5.2 Grant write permissions to a trade channel

To grant an entity write permission to a trade channel, use post /api/v1/grant_write_permission_to_trade_channel and provide 3 parameters:

  1. trade_channel_writer - the primechain address of the entity to be granted write permission to the trade channel.
  2. trade_channel_name - the name of the relevant the trade channel.
  3. trade_channel_creator - the primechain address of the creator of the trade channel.

Note: This must be run on the node containing the private key of the trade_channel_writer.

Sample input

{
  "trade_channel_writer": "125LHLRKDDdaJSWXbVdaAGG7pGRT9dWPjjF7aG",
  "trade_channel_name": "200_tons_unobtainium_march_2019",
  "trade_channel_creator": "1VUid7fZaiFnNXddiwfwvk8idyXixkFKRSQvMp"
}

Sample output

{
  "status": 200,
  "tx_id": "e4d05ba3a324c7b8768f4798e94636c018f2d3699d505679b8a2a7d532ebf638"
}

5.3 Revoke write permissions to a trade channel

To revoke an entity's write permission to a trade channel, use post /api/v1/revoke_write_permission_to_trade_channel and provide 3 parameters:

  1. trade_channel_writer - the primechain address of the entity whose write permission is to be revoked.
  2. trade_channel_name - the name of the relevant trade channel.
  3. trade_channel_creator - the primechain address of the creator of the trade channel.

Note: This must be run on the node containing the private key of the trade_channel_creator.

Sample input

{
  "trade_channel_writer": "125LHLRKDDdaJSWXbVdaAGG7pGRT9dWPjjF7aG",
  "trade_channel_name": "200_tons_unobtainium_march_2019",
  "trade_channel_creator": "1VUid7fZaiFnNXddiwfwvk8idyXixkFKRSQvMp"
}

Sample output

{
  "status": 200,
  "tx_id": "ceed9a85f58a55543e8d2f6ea70e8507fc13341486acca9c49bee1bfeec03e4b"
}

6. Components and modules

  1. Anti-Money Laundering review

  2. Auction of goods and freight contracts

  3. Blockchain based authentication

  4. Cargo tracking

  5. Charge Registry

  6. Cross border and domestic trade payments

  7. Electronic Signature Engine

  8. Employee background verification

  9. Encryption Engine

  10. Factoring / invoice discounting platform

  11. File and data storage

  12. KYC and Digital Identity

  13. Loyalty program

  14. Rating and review platform

  15. Supply chain transparency and counterfeit reduction

  16. Trade documents issuance and sharing


Have a query? Email us on info@primechain.in