The paperwork for cross-border trade is quite a hassle. There are so many things that you have to do and so many aspects to worry about. What if it could all be paperless and you won’t have to worry about a thing.
If you are an Aussie or a Singaporean, you might have some great news coming your way soon. According to reports, the customs and border protection agency of Australia also known as the Australian Border Force (ABF) are mulling over ways to simplify cross-border trade with Singapore. They plan on doing so using blockchain technology.
For those who don’t know, Singapore and Australia have a Digital Economy Agreement (DEA) and under this agreement a blockchain trial was launched that was aimed at paperless trade. The move was made In collaboration with Singapore Customs and the Singapore Infocomm Media Development Authority (IMDA), to make it simple for trading businesses to digitally exchange trade documentation.
This is a great advancement in the field of digital trading and something crypto trading is all about.
This blockchain trial is designed to reduce the administration costs while at the same time to boost trade efficiency. According to experts, the blockchain will test digital verification platforms between both the IMDA’s TradeTrust platform and ABF’s intergovernmental ledger. The aim for this test will be for sharing electronic documents which will primarily include the certificates of origin.
Speaking on this initiative, ABF Commissioner Michael Outram said, “This initiative will incorporate paperless trading and secure digital exchange of trade information as part of the future architecture and design of an Australian Trade Single Window.”
There will also be good participation from the regulators and trading businesses to provide feedback on the process. After the trial is over the ABF will give comprehensive feedback on the lessons learned and offer those in a detailed report. All these activities will be done under the National Blockchain Roadmap that was carried out by the Department of Industry, Science, Energy and Resources,
These are great initiatives to utilize Blockchain technology and we expect these to continue in the future.