Australia and Singapore announce plans for cross-border trade using blockchain.

Australia and Singapore have announced plans to trial a blockchain system that aims to improve cross-border trade flow between the countries.

The Australian Border Force has partnered with two separate regulatory agencies in Singapore, Singapore Customs and Singapore Infocomm Media Development Authority, to run a digital verification schemes trial on the blockchain, which aims to streamline cross-border trade between the two countries. The trial, which started this week, will use the Border Force’s Intergovernmental Ledger and Singapore’s TradeTrust system to handle electronic documents for cross-border trade. The cross-border trade trial will be conducted by blockchain experts from both sides via the United Nations Centre for Trade Facilitation and Electronic Business. 

 

“Blockchain solution would increase the efficiency of trade.”

Several entities, including ANZ Bank, the Australian Chamber of Commerce and Industry, and the Australian Industry Group, are set to participate in the trials. Border Force Commissioner Michael Outram said the blockchain solution would increase trade efficiency between the two countries while also reducing administrative costs. “The ABF welcomes the opportunity to collaborate further with Singapore to improve cross-border trade between our countries. In addition to our efforts internationally, this initiative will incorporate paperless trading and secure, the digital exchange of trade information as part of the future architecture and design of an Australian Trade Single Window.”

 

Lawmakers around the world acknowledge the potential of blockchain tech. 

As reported earlier, King’s College London, the university’s Centre for Science and Security Studies (CSSS), suggested that using blockchain tech would help parties to the Nuclear Non-Proliferation Treaty build trust and make dismantling nuclear weapons more “safe, secure and reliable. In the last few years, governments around the world have acknowledged the potential of blockchain technology. Several countries are actively utilizing the technology in various fields including, healthcare and logistics. Earlier, Chinese President Xi Jinping had urged his country to take the lead in the blockchain sector. 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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