On the 25th June, tech firm Powerbridge
announced that Chinese Customs has deployed its blockchain cross border compliance solution. The platform aims to increase customs efficiency by using distributed ledger technology (DLT) to monitor the flow of imports and exports and help with risk assessments and managing documents.
Powerbridge’s solution has initially been launched at Nanning Customs, which manages 26 cross border trading points along the nearly 500-mile border of southwest China.
The blockchain effort, part of China’s ‘National Customs Cross Border Technology Innovation Initiatives’, also hopes to increase interoperability between government authorities and ports. As transaction information, for instance, can be stored safely and transparently on a blockchain, the platform would enable documents to be checked for compliance with regulations.
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