Australia and Singapore are testing paperless buying and selling utilizing blockchain know-how
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 collaboration with Singapore Customs and the Singapore Infocomm Media Development Authority (IMDA), the blockchain study aims to reduce administrative costs and increase trading efficiency. In particular, digital verification platforms are being tested in both the ABF's intergovernmental ledger and the IMDA's TradeTrust platform for the exchange of electronic documents, mainly certificates of origin.
"This initiative will incorporate paperless trading and the secure digital exchange of trade information as part of the future architecture and design of a single Australian trade window," said ABF Commissioner Michael Outram.
Companies and regulators are expected to provide feedback on this process. The Australian Chamber of Commerce and Industry, the Australian Industrial Group, and Singapore financial institutions, including ANZ Bank, are participating.
As part of the National Blockchain Roadmap, led by the Department of Industry, Science, Energy and Resources, the ABF will provide feedback on the insights gained from the study and present them in a discovery report for early 2021.
The DEA, signed in August, lays down a framework for breaking down barriers to digital commerce and promoting an environment in which businesses and consumers can participate in the digitization of both economies.