Australia and Singapore to Trial ‘Paperless’ Trade Using Blockchain Technology

Australia and Singapore to Trial ‘Paperless’ Trade Using Blockchain Technology
(Australian National Audit Office)

The Australian Border Force (ABF), the country’s customs and border protection agency, wants to simplify cross-border trade with Singapore using blockchain technology.

Under the (DEA), a blockchain trial was launched this week in an attempt to make it easier for businesses to digitally exchange trade documentation, per on Wednesday.

In collaboration with Singapore Customs and the Singapore Infocomm Media Development Authority (IMDA), the blockchain trial aims to reduce administration costs and increase trade efficiency. Specifically, it will test digital verification platforms across both the ABF’s intergovernmental ledger and IMDA’s TradeTrust platform for sharing electronic documents, primarily certificates of origin.

“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,” said ABF Commissioner Michael Outram.

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