Mattereum is partnering with FEMOZA on new Digital Silk Road initiative Oct 26, 2018
Mattereum’s approach to blockchain for assets will revolutionise commercial relationships within the new network of Free Economic Zones envisioned by UN partnered World Free & Special Economic Zones Federation (FEMOZA)
We signed a Memorandum of Cooperation with FEMOZA at the World Investment Forum at the United Nations in Geneva to help deliver its revolutionary Digital Silk Road initiative. The Digital Silk Road will comprise a network of Free Economic Zones in Asia and Europe. Its aim is to facilitate global development by supporting fair and unencumbered global trade.
The first part of the network will include commercial centres located along the millennia-old route of the original Silk Road. It is often the case that these zones have more in common with each other than with their “home” jurisdiction. By linking them together, the partnership will empower Free Economic Zones to lead regional economic development, draw on each other’s expertise and capacity, and to speak with a more unified voice on the world stage.
Mattereum’s core ambition is to enable business on the blockchain by building a smart property register and creating a system of decentralized commercial law comprising smart property rights, automated smart contract execution, and reliable dispute resolution and enforcement.
World Free & Special Economic Zones Federation (FEMOZA) is a non-governmental organisation working on a non-profit basis. Its objective is to further free zones around the world and to help them develop, especially in emerging countries and countries in transition. FEMOZA enjoys observer status with United Nations bodies UNCTAD and UNIDO.
Mattereum’s founder and Chief Executive Officer Vinay Gupta said: “In an age of increasing global trade and increasing globalisation it's very hard to imagine that the future of trade will favour one jurisdiction over another jurisdiction when we want to transact. It's very unlikely that we're going to end up with a single global architecture in a single nation-state, because, at the end of the day, even the largest nation-states are still only a small part of the world's population and a small minority of the world's trade. And as a result, we're going to find a compromise that works for everyone globally.
“We're in a position where international trade is becoming increasingly a matter of technological synchronisation between trading entities. So the possibility is that we're moving from an age in which trade is harmonised through law to an area where trade is harmonised through technology. The blockchain will potentially take a lot of the strain out of global trade and fulfil the visions originally set out in organisations like the World Trade Organisation or the United Nations”.
FEMOZA’s Vice President Freddy Opsomer said of the partnership: “Free Economic zones are under full transformation, as the 4th industrial revolution is now ongoing and will disrupt traditional manufacturing and logistics. Through the digital silk roads free zones will become interconnected and will form a new global network of free global trade, free movement of goods, employees and manufacturing. Shared production under a uniformized custom protocol will be the ultimate key for customised goods. Mattereum’s expertise and smart property register of movable and immovable assets and real estate will be needed as part of such digital silk road – free zone network”.
Mattereum Analyst James Hester added: “We at Mattereum are very excited to join forces with FEMOZA in applying blockchain technology to global commerce, bringing a previously unattainable level of speed, efficiency, and collaboration to trading partners around the world.”