{"id":327531,"date":"2021-08-19T16:14:10","date_gmt":"2021-08-19T13:14:10","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/australia-and-singapore-conclude-digital-verification-blockchain-pilot\/"},"modified":"2021-08-19T16:14:10","modified_gmt":"2021-08-19T13:14:10","slug":"australia-and-singapore-conclude-digital-verification-blockchain-pilot","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/australia-and-singapore-conclude-digital-verification-blockchain-pilot\/","title":{"rendered":"# Australia and Singapore conclude digital verification blockchain pilot"},"content":{"rendered":"

“# Australia and Singapore conclude digital verification blockchain pilot <\/strong>”
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The Australian Border Force (ABF), Infocomm Media<\/a> Development Authority of Singapore (IMDA) and Singapore Customs, along with other industry representations, have concluded a blockchain trial project analyzing the status of the countries\u2019 digital verification systems in issuing and verifying trade documents.<\/p>\n

The collaborative venture was a part of the Australia\u2013Singapore Digital Economy Agreement \u2014 an initiative designed to increase the efficiency of trade between the two countries, as well as to minimize economic friction in cross-border payments.<\/p>\n

The interoperability of the two digital verification systems \u2014 the ABF\u2019s Intergovernmental Ledger and IMDA\u2019s TradeTrust reference implementation \u2014 was analyzed to understand the possibility of creating \u201chigh integrity digital trade documents that can be instantly authenticated, provenance traced, and digitally processed.\u201d<\/p>\n

According to the official\u00a0release<\/a>, \u201cQR-codes embedded with unique proofs are inserted into digital certificates of origin (COO), enabling immediate verification for authenticity and integrity of the document when scanned or machine-read.\u201d<\/p>\n

High-profile organizations from the industry, including the Australian Chamber of Commerce and Industry and Australian Industry Group, as well as financial entities such as ANZ Bank, DBS Bank and Standard Chartered, which played a role in the trial, expressed the benefits of the increased efficiency of both cost and time through the use of verifiable COO\u2019s.<\/p>\n

Related:<\/em><\/strong> Blockchain Australia says gov\u2019t still dismissing industry as a \u2018wild west\u2019<\/em><\/strong><\/p>\n

When the trial was\u00a0announced back in November 2020, it was hoped that digitizing COOs would pioneer a transition away from the reliance on paper-based documentation, a medium that not only harms the environment but also slows supply chains, as businesses often delay app<\/a>roval until hard-copy documents are delivered by couriers.<\/p>\n

On the trials promising results, ABF commissioner Michael Outram noted:<\/p>\n

\u201cDigital verification and verifiable documents show promise as a \u2018circuit-breaker\u2019 to disrupt persistent paper-based evidence required by authorities.\u201d<\/p><\/blockquote>\n

Standard Chartered Bank\u2019s Himanshu Maggo said, \u201cThe instant authentication of digital COOs is a meaningful step towards building a trusted trade ecosystem where verifying the provenance of goods is performed with great efficiency.\u201d<\/p>\n