Verifiable.Trade Foundation is creating a digital trade landscape that will usher in a new era of trust and transparency.
Global trade has been projected to reach $33 trillion in 2024. Whether it’s a small farming cooperative in Vietnam, a family-run peach canning business in Chile or multinational corporations dominating B2B trade, the movement of goods and services across borders is the backbone of economic prosperity.
Despite its importance, the industry remains burdened by outdated, paper-based processes. According to the International Chamber of Commerce, an average trade transaction involves about 36 original documents and 240 copies. This results in billions of paper documents produced annually to facilitate international trade.
This reliance on paper creates inefficiencies, increases costs and exposes businesses to fraud. Despite more than four decades of efforts to digitize trade and supply chains, essential trade documentation still depends on physical paperwork and electronic PDFs.
The pursuit of paperless trade
Verifiable.Trade Foundation (VTF) envisions a future where trade is digital, seamless and secure. Central to this vision is the International Secure Trade Transfer Protocol (ISTTP) – an open-source protocol designed to unify global trade participants and create a new era of trust and transparency.
Just as HTTP revolutionized how we interact with the internet, ISTTP aims to become the backbone of a trusted, interconnected global trade ecosystem. With ISTTP, businesses, governments, financial institutions and trade service providers can collaborate in a secure and verifiable way.
“Simplicity is key — everyone should be able to use it. We call this ‘connect once, connect everywhere,’" said Stephan Wolf, Chair of the Board, at GTR MENA 2025.
The complexity of the problem is considered vast – decades-old practices need to be updated, market participants of all sizes must be brought together, and data must be standardized across different countries and continents. But is it really that complicated?
“The answer is simple: interoperability. Platforms and applications must connect in a standardized, open way — free of IP-restrictions, copyrights and fees. The Verifiable.Trade community utilizes open standards and provides software libraries to enable cross-business, cross-border connectivity without forcing to change legacy systems. That’s the idea behind ISTTP," Wolf added.
Current digital platforms struggle with proprietary solutions, leading to complexity, distrust and a lack of control when data is exchanged across them. Recent attempts to digitize the maritime container industry and Letters of Credit, as well as to establish new risk mitigation and finance products by companies, have added to fragmentation and barriers to entry. Many million businesses fail to support multiple platforms and even large banks struggle with the approach.
The vision of Verifiable.Trade Foundation
As a non-profit organization, the Foundation aims to create an open, digital trade language that is both seamless and secure. The goal is to unlock opportunities for businesses of all sizes to create more value and wealth through trade.
In a world where market participants are connected through a single protocol, cross-border trade could be as simple as accessing a website. ISTTP helps build trust by verifying the authenticity of an organization’s identity and data.
“If a fraudster falsifies a document, there’s damage. But if they infiltrate a platform, the damage multiplies exponentially. That’s why “security by design” must be built in from the start." Wolf noted.
Digitalization through ISTTP has the potential to reduce fraud, increase efficiency, and foster greater inclusion, resilience and sustainability in global trade.
Industry-wide collaboration is critical for success. The Foundation is actively engaging with trade associations, standards organizations and regulatory bodies to secure endorsements and ensure a smooth rollout. Partnerships with the software industry, financial institutions, logistics providers, and customs authorities will also be essential for integrating the protocol into existing trade ecosystems.
Verifiable.Trade Foundation is committed to transforming the future of global trade. Together, we can create an open, trusted and connected landscape for market participants of all sizes.
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