Singapore – The Australian Border Force or ABF, the country’s customs and border protection agency, confirms its plans of simplifying cross-border trade with Singapore using blockchain technology. According to the Australia-Singapore Digital Economy Agreement or DEA, they launched a blockchain trial this week to check if it is easier for businesses to exchange trade documentations virtually.
In collaboration with Singapore Customs and the Singapore Infocomm Media Development Authority (IMDA), the blockchain trial aims to increase trade efficiency and reduce administration costs.
Specifically, this project will test virtual verification platforms across IMDA’s TradeTrust platform and ABF’s intergovernmental ledger. The two parties can share electronic documents, primarily certificates of origins, in the blockchain trial.
According to the ABF Commissioner Michael Outram, the ABF Company welcomes the opportunity to improve cross-border trade between Singapore and Australia. In addition to ABF’s efforts internationally, they will promote paperless trading and secure digital exchange.
With this project, businesses and regulators will provide feedback regarding their experiences verifying Certificates of Origin with the two systems. The Australia Chamber of Commerce ad Industry and the Australian Industry Group will also participate in the trial.
Furthermore, ABF executives also guarantee that the trial will be conducted by experts and professionals in the blockchain industry from Australia and Singapore. Also, the United Nations Centre for Trade Facilitation and Electronic Business will participate in the inter-government document exchange.
Through blockchain, Singapore and Australia can increase trade efficiency and reduce administration costs through paperless trading. The ABF said that it would also feed plenty of lessons learned from the trial. The department has published the National Blockchain Roadmap to discuss opportunities across the economy and how blockchain technology can improve people’s lives.
According to Peter Alexander, a Chief Digital Officer, every blockchain that people will consider today will surely be better technology, secure connections, and alternate databases.