105216Traydstream Share - A Data and Document Sharing Product using Blockchain and IPFS CombinedClosedFeasibility StudiesInnovate UK"Traydstream has developed four core technology solutions that are disrupting global trade finance. A Trade Finance document review by bank typically takes between 6-8 hours or as much as between 10 and 45 days between the four involved parties i.e. a buyer, a seller and a bank representing each of these, respectively. Through automation, Traydstream has reduced (currently) a single party to less than 20 minutes. Traydstream's disruptive ambitions do not end there. The company now wishes to advance its technology by developing a cutting edge software product that will gradually allow the current method of distribution, email and courier, which is sequential and unsecure, to a parallel and secure distribution method using Distributed Ledger Technology (DLT) and the so-called ""new internet"" called the Interplanentary File System (IPFS). A successful outcome from this project would provide Traydstream with a way to meet its strategic processing target of 5 minutes or less for all four parties required to receive, process, approve & consummate the Trade Finance transaction. Against a current cycle average of 15 days it represents a time saving of 99.9% or almost 100 times faster than today. Whilst there are benefits of efficiency and productivity gains in the early processing of the trade finance transactions a quicker resolution and distribution of the data and documents effectively helps close the deal sooner and free up large amounts of working capital. It means that cash to the seller and the sellers bank re-enters the market much more quickly and can thus be used to help fund the development of the next series of goods for export. Effectively the process of buying and selling is accelerated, bringing with it less risk and the potential for greater economic growth. On the Buyers bank side the earlier confirmation of approval from all four parties completes the purchasing process, thereby helping de-risk the sale and allowing banks to fund SME's who now require shorter term financing and for lesser amounts. In the future the use of the product could be extended directly to other players such as shipping or inspection companies so they can provide their supporting documents more directly to the seller, and its Bank. There is also potential to extend the product into other industries such as insurance, health care, government, legal and the security services. New intellectual property developed for the software product will be submitted to the patent office."