Common Product FAQs

1. Why is the temporary domain created using TradeTrust Command Line Interface not working

   • The temporary domain is only valid for 24 hours.
     

2. There are mainly three types of errors that can occur when verifying a document:

   • Document not issued: TradeTrust checks that the document has been issued and that its issuance status is in good standing. This error occurs if the issuer revokes the document or if it has not been issued.

   • Document issuer's identity is invalid: TradeTrust validates the the issuer's idenity. This error occurs if the document was issued by someone whose identity could not be verified.

   • Document has been tampered with: TradeTrust ensures that the document's contents remain unchanged since its creation, except for data removed using the built-in obfuscation mechanism. This error occurs if the document's content has been modified.

If you encounter any of these errors, please contact the document issuer for assistance.

Decentralised identifiers (DIDs) enable businesses to establish trust and verify the authenticity of digital identities without relying on a central authority.

This can be particularly useful for secure and efficient interactions with customers, partners, and other entities, while giving businesses more control over their digital identity infrastructure. (Click to learn more about DIDs)

The DID approach is recommended for verifiable documents. The issuance of normal/verifiable documents does not incur a gas fee, as there is no need to write on the blockchain. Click here to learn more.

However, revoking the issued verifiable document will require setting up a document store and, hence, incur a gas fee. Click here to learn more.

TradeTrust relies on public blockchain technology enabled by Ethereum, Polygon, XDC, ASTRON (crypto-less) and STABILITY (crypto-less) to electronically endorse and transfer the ownership of a document among stakeholders along a trade flow. Public blockchains allow for an open and interoperable system, enabling all international parties to participate.

TradeTrust caters to the following blockchain networks:

1. Mainnet (Click https://ref.tradetrust.io/ to learn more). The mainnet supports Ethereum, Polygon, XDC, ASTRON and STABILITY (Global Trust Network).

2. Testnet (Click https://dev.tradetrust.io. to learn more). The testnet environment utilises Sepolia (Ethereum Testnet), Polygon Mumbai, XDC Apothem and STABILITY (Global Trust Network Testnet).

TradeTrust does not host nodes. Instead, it uses services from providers such as Alchemy, Infura, and QuickNode.

Cryptocurrencies are used to pay for the recording of NFT transactions for electronic transferable records during issuance, ownership transfers, surrender, etc. In operationalising TradeTrust, Digital Trade Platforms insulate users from cryptocurrencies, managing the cryptocurrencies required to pay for recording NFT transactions.

The cryptocurrencies utilised in TradeTrust are not used to settle trade (i.e., payment for goods) and are not tradable. They are used solely to power the recording of the electronic negotiable document from the transferrer to the transferee on a public blockchain.

Ernst & Young's Vulnerability Assessment and Penetration Testing (VAPT) of the Smart Contract Code ensures TradeTrust's security and reliability, ensuring efficient gas costs and a well-structured, robust codebase.

In addition, the choice of blockchain must follow TradeTrust guidelines:

• Actively maintained by a large development community

• Have withstood the test of time

• Ethereum Virtual Machine (EVM) Compatible

• Accessibility of blockchain state

• Impartial Security Model

• Economically Secured

• Open-source

Digital Trade Platforms that have integrated TradeTrust to provide digital services dealing with electronic transferable records such as eBLs, will typically manage the cryptocurrencies required to pay for their clients’ recording of their NFT transactions.

For such payments, MAS’s regulatory team has been consulted if there is a need for a licensing requirement. MAS has advised that if the Digital Trade Platforms are not facilitating the buying and selling of digital payment tokens (DPT) and arranging the transmission of DPTs from one account to another, they would not be deemed as conducting on a business of providing a DPT service under the Payment Services Act 2019.

MAS further recommends that Digital Trade Platforms perform their own legal and compliance review before proceeding.

Depending on your role in the supply chain, transaction costs, such as blockchain gas fees, may apply. Find out the estimated fees (USD) computed as of 2 February 2023 for a typical series of transactions from issuance to the surrender of electronic Bill of Lading (eBL) (costs distributed among different stakeholders).

TradeTrust can be connected to these public blockchain networks:

• Ethereum

• Polygon

• XDC

• STABILITY (crypto-less)

• ASTRON (crypto-less)

Depending on your role in the supply chain, transaction costs, such as blockchain gas fees, may apply. Below are the estimated fees (USD) computed as of 2 February 2023 for a typical series of transactions from issuance to the surrender of electronic Bill of Lading (eBL) (costs distributed among different stakeholders):

• Estimated Fees on Ethereum: < USD $20 or

• Estimated Fees on Polygon: < USD $0.16

• Estimated Fees on STABILITY: Free, contact STABILITY for service packages

• Estimated Fees on XDC: contact XDC

• Estimated Fees on ASTRON: Crypto-less, contact ASTRON

Note that the estimated costs above involve the whole chain of endorsements (NFT transactions) for a transferable document like eBL. This cost is expected to be shared across multiple transaction parties in the eBL value chain.

Click cost of contracts/gas fee to learn more.