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The Australian Border Force (ABF), the country’s customs and border protection agency, wants to simplify cross-border trade with Singapore using blockchain technology.
In partnership with Singapore Customs and Singapore Infocomm Media Development Authority (IMDA), the blockchain test aims to reduce administrative costs and increase business efficiency. In particular, it will test the digital verification platforms both on the ABF intergovernmental register and on IMDA’s TradeTrust platform for sharing electronic documents, mainly certificates of origin.
“This initiative will incorporate paperless commerce and secure digital exchange of business information as part of the future architecture and design of a one-stop shop for Australian commerce,” said ABF Commissioner Michael Outram.
Businesses and regulators are expected to provide feedback on the process, with the participation of the Australian Chamber of Commerce and Industry, the Australian Industry Group and financial institutions of Singapore, including the ANZ bank.
According to the National Blockchain Roadmap led by the Department of Industry, Science, Energy and Resources, the ABF will provide feedback on the lessons learned from the study and present those in a discovery report expected in early 2021.
The DEA, signed in August, sets out a framework for reducing barriers to digital trade, as well as promoting an environment where businesses and consumers can participate in the digitization of both economies.
