On the 5th July,
Global eTrade Services (GeTS) announced that it will produce blockchain based electronic Certificates of Origin (eCOs) for internationally traded goods. The eCOs are now available on the firm’s Open Trade Blockchain (OTB) platform in partnership with the Singapore Chinese Chamber of Commerce & Industry (SCCCI).
Certificates of Origin provide proof that imported goods came from a particular country. They mostly serve as a confirmation of the source for setting tax, duty and product transparency. In some cases, COs are crucial to upholding deals between countries where, for instance, they have reduced trade duties.
Friday’s announcement claims over 30,000 COs are produced annually in Singapore. Chambers of Commerce issue the certificates and provide a verification service. According to the
International Chamber of Commerce, the figure is in the millions globally. GeTS, along with the Chinese chamber in Singapore SCCCI, claims that the conventional system is a far cry from the efficiency, trust, and ease of use of blockchain document management.
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