The Australian Border Force (ABF), Singapore Customs and the Infocomm Media Development Authority of Singapore (IMDA) conducted a blockchain trial with industry partners. The aim was to see if the trade documents issued by two separate systems can be verified by each other. ANZ Bank, Standard Chartered, DBS Bank and Rio Tinto also participated.
A key trade document is the Certificate of Origin (COO), which specifies in which country the imported goods were originally produced. Customs departments use COOs to decide whether the goods should be subject to tariffs or import duties and are typically issued by the Chamber of Commerce of the exporter. Hence the Australian Chamber of Commerce and Industry also participated in the trial.
If documents can be verified faster and automatically, it saves time and money.
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