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The Australian Border Force (ABF), Singapore’s Infocomm Media Development Agency (IMDA), Singapore Customs and other industry representative agencies have completed a blockchain pilot project to analyze the status of digital verification systems in various countries in the issuance and verification of trade documents.
The cooperative enterprise is part of the Australia-Singapore Digital Economy Agreement, which aims to improve the efficiency of trade between the two regions and minimize economic friction in cross-border payment transactions.
Analyzed the interoperability of the two digital verification systems (ABF’s Intergovernmental Ledger and IMDA’s TradeTrust Reference Implementation) to understand how to create “high integrity digital trade documents that can be immediately authenticated, sourced, and digitally processed” possibility.
According to the official statement release, “The QR code with the unique certificate embedded is inserted into the digital certificate of origin (COO) to verify the authenticity and integrity of the document immediately upon scanning or machine reading.”
Well-known organizations in the industry, including the Australian Chamber of Commerce and Industry and the Australian Industry Group, as well as financial entities such as ANZ, DBS and Standard Chartered that have played a role in the trial, have all expressed the benefits of increasing costs and efficiency. Time can be verified through the use of Chief Operating Officer.
Related: Blockchain Australia says the government still sees the industry as the “Wild West”
When the trial is Announce As early as November 2020, it was hoped that the digital chief operating officer would be the first to get rid of the reliance on paper documents. This medium not only harms the environment, but also slows down the supply chain, because companies usually delay approval until hard copy documents appear. Delivered by a courier.
Regarding the promising test results, ABF Commissioner Michael Outram noted:
“Digital verification and verifiable documents show promise as a’circuit breaker’ that can destroy the durable paper evidence required by the authorities.”
Himanshu Maggo of Standard Chartered Bank said: “The instant authentication of the digital chief operating officer is an important step towards establishing a trustworthy trading ecosystem in which the origin of goods can be efficiently verified.”
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