ITDC Partners with PT Paloma Shopway to Co-build SilkChain Blockchain

JAKARTA, Indonesia, April 18, 2018 /PRNewswire/ -- The International Trade Digitalization Commission (ITDC) has partnered with the PT Paloma Shopway to carry out commercial cooperation on a SilkChain blockchain project in Indonesia. The Memorandum of Understanding (MOU) was signed between Irene Liu, vice president of DinoRiver (OSell World), which is also one of the founder institutions of ITDC and Mr. Djunaidi Lie, the CEO of PT Paloma Shopway (Paloma). At the same time, Mr. Djunaidi Lie has joined the ITDC's foundation management as a vice president.

Founded in 2007, Paloma is the biggest home catalogue distribution enterprise in Indonesia. It has 340,000 members and 100,000 drop shippers. The main business of Paloma covers nearly 20 categories, such as: costumes, luggage, shoes, home appliances and home furnishings. By means of displaying products on their website, their APP, regularly published product magazines and in offline experience stores, and selling products via telephone ordering, Paloma reaches its annual sales volume to hundreds of millions of dollars.

Paloma was acquired by Salim Group in October 2016. Salim Group, founded in 1972, is Indonesia's biggest conglomerate. The total market value of its listed companies is $16.91 billion.

Under the partnership, Paloma will introduce users and new developers and service providers in its platform to the SilkChain community and encourage users to use various services in the community. Paloma will provide support for launching applications in Indonesia to develop new business applications and services based on the technology of SilkChain projects.

SilkChain uses the blockchain based motivation mechanism to Paloma's various business forms, both parties jointly operating in the form of project cooperation or joint venture. SilkChain will provide technical support for this project, building a base layer platform of smart contracts and development various types of Apps.

The aim is to promote the use of SilkChain among local populations and propel the development of commercial digitization in the region. SilkChain is dedicated to creating a fairer and freer global system in the digital age.

About ITDC

The International Trade Digitalization Commission (ITDC) was established in Singapore in 2017, with the vision of solving chronic problems in international trade, and creating a fair and free global trade system in the digital age. It has established the Foundation of International Trade Digitalization, an organization dedicated to the creation of a decentralized global digital free-trade zone.

About SilkChain

SilkChain, developed by ITDC, is the world's first blockchain project dedicated to improving international trade. The project has gathered world-leading business groups; trading companies; e-commerce companies; and logistics, warehousing and finance companies from around the world with the vision of creating a decentralized, open, transparent and trusted "Global Blockchain Free-Trade Zone". With the ancient Silk Road as its model, ITDC named this digital network SilkChain.

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