Last week New Zealand bank
ASB in partnership with VerifyUnion launched a blockchain single trade window application. The
World Economic Forum recently reported that providing a single point of service for importers and exporters can reduce the time taken for processing trade documentation by 90%.
The pilot trade involved meat exporter Greenlea Premier shipping a consignment to a large Korean importer. The trade mirrored a traditional transaction.
The online system will reduce the time involved, help in fraud prevention an potentially reduce errors.
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