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Australia and Singapore have announced plans to test a blockchain system that aims to improve the flow of cross-border trade, according to reports.
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 scheme pilot on the blockchain, which aims to simplify cross-border trade between the two countries.
The process, which began earlier this week, will use the Border Force’s Intergovernmental Ledger and Singapore’s TradeTrust system to manage electronic documents for cross-border commerce.
The trial will be conducted by blockchain experts from both sides, via the United Nations Center for Trade Facilitation and E-commerce. Several entities, including ANZ Bank, the Australian Chamber of Commerce and Industry and Australian Industry Group, will participate in the trials.
Border Forces Commissioner Michael Outram said the blockchain solution will increase the efficiency of trade between the two countries, while also reducing administration costs.
“The ABF welcomes the opportunity to further collaborate with Singapore to improve cross-border trade between our countries. In addition to our international efforts, this initiative will incorporate paperless commerce and the secure digital exchange of business information as part of the future architecture and design of a one-stop shop for Australian commerce. “
According to the Border Force, the lessons learned from the trial will be shared via the Supply Chain Working Group’s Discovery Report, part of the Department of Industry, Science, Energy and Resources as part of its National Blockchain Roadmap.
The roadmap follows advice given by the agency just two years ago, which said that blockchain technology was overrated.
The announcement of the latest trial perhaps demonstrates an agency shift towards the benefits blockchain can bring in the global trade use case.
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