Traydstream wins second Innovate UK grant to develop a blockchain based data share solution

London, 25 September 2019:

Traydstream, the intelligent trade document processing fintech, is excited to announce its second Innovate UK award to build a Blockchain solution to share documents and data.

Trade finance transactions include multiple parties across different borders and in the digital era, there is demand for real time communication among the parties that is trustworthy, transparent, and time efficient.

The project, dubbed Traydstream Share, is a product being developed to use Distributed Ledger Technology (DLT) to securely and instantly send access credentials to the other parties.

These "one-time use only" credentials, are accessed by using their individual private encryption key and in turn are used to unlock the corresponding Trade Finance documents for review. This ensures that there has been no tampering or changes to the transaction documents since the credentials were sent using DLT.

“Being co-funded by the UK’s innovation agency, give us great support and confidence in pursuing this as an innovative solution to another practical problem faced in trade finance,” says Nayan Ruparelia, Senior Vice President & CTO.

Shishir Vyas, Head of Partnerships, further explains “While there have been lots of promises made by Blockchain solutions, we are specifically targeting how to provide for the seamless, secure sharing of real-time, actionable trade finance information across all parties to a trade. This could lead to the elimination the need for multiple copies of documents, printed or in electronic form, and improve sustainability.”
This project follows Traydstream’s first Innovate UK award in 2018, alongside Swansea University, to develop advanced machine learning analytics to detect fraud in Dual Use Good transactions.

About Innovate UK

Innovate UK drives productivity and economic growth by supporting businesses to develop and realise the potential of new ideas.

We connect businesses to the partners, customers and investors that can help them turn ideas into commercially successful products and services and business growth.

Innovate UK is part of the UK Research and Innovation.

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