Victor Ugochukwu · Dec 14, 2020 . 5min read
Australia’s ABF launches cross-border Blockchain trial with Singapore
The Australian Border Force (ABF) launches a trial for cross-border trade solutions with Singapore via blockchain technology.
By Komal Joshi · Nov 26, 2020 . 6min read
The Australian Border Force (ABF) launches a blockchain trial to enhance cross border trade with Singapore. According to the news release by the Australian Border Force, the blockchain infrastructure will incorporate businesses between Australian entities paperless, simpler, and more cost-efficient. ABF launches blockchain trial in association with the Singapore Customs and Singapore Infocomm Media Development Authority (IMDA). It attempts to test the digital verification systems by the respective agencies with the trade facilitation.
ABF’s Blockchain trial to test digital verification platforms
According to the reports, the ABF’s blockchain trial will test digital verification platforms across the ABF-developed Intergovernmental Ledger (IGL) and IMDA’s TradeTrust for electronic trade documents. Furthermore, the agency states that specialists develop the blockchain-based digital verification system from Australia and Singapore. Moreover, the development took place at the United Nations Centre for Trade Facilitation and Electronic Business (UN/CEFACT) for inter-government document exchange.
ABF wants to collaborate with other global agencies to extend the paperless trade program. Regulators and companies will have to validate Certificates of Origin utilizing the blockchain systems. Moreover, they would also provide feedback on their unparalleled experiences. However, it will involve, the Australian Industry Group, the Australian Chamber of Commerce and Industry, and financial institutions in Singapore, including ANZ amongst others in the process.
For the uninformed, the Australian Government currently declared the ‘Simplified Trade Agenda’ to make changes in trade compliance structure. The ABF blockchain trial approves the agenda. However, it will present compliance processes digitally without the engagement of routine paperwork. Moreover, it intends to trial digital verification platforms produced by the authorities from Australia and Singapore.
The usage of blockchain technology innovations or infrastructure to improve cross border transactions are not alien in the crypto ecosystem. Recently, Standard Chartered concluded its first cross-blockchain trade finance pilot transaction within Hong Kong and China. Earlier, HSBC also led the completion of a pilot live blockchain-based letter of credit (LC) transaction in Malaysia.
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