Australia Plans to Test Paperless Trade with Singapore Using Blockchain

The Australian Border Force (ABF) announced today that the agency is working on cross-border trade solutions with Singapore to make the entire process simple and paperless through the integration of Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term technology.

In an official press release, the ABF stated that the planned solutions are in line with the bilateral Australia-Singapore Digital Economy Agreement. A blockchain trial was launched earlier this week between the authorities of Australia and Singapore to make the trade documentation completely digital.

The agency also notified that the blockchain-based digital verification system has been developed by technology experts from Australia and Singapore at the United Nations Centre for Trade Facilitation and Electronic Business (UN/CEFACT) for inter-government document Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term. ABF expressed a willingness to collaborate with other international agencies to expand the paperless trade program.

Commenting on the launch, Michael Outram, Commissioner at ABF, said: “The ABF welcomes the opportunity to collaborate further with Singapore to improve cross-border trade between our countries. In addition to our efforts internationally, this initiative will incorporate paperless trading and secure the digital exchange of trade information as part of the future architecture and design of an Australian Trade Single Window.”

Digital Trade

The Australian Government recently announced the ‘Simplified Trade Agenda’ to bring reforms in trade compliance structure. The recent trial supports the agenda as it will make compliance processes digital without the involvement of routine paperwork. The trial aims to test digital verification platforms developed by the authorities from Australia and Singapore. "Businesses and regulators will give feedback on their experience verifying Certificates of Origin with the two systems, with the aim of reducing administration costs and increasing trade efficiency.

"The Australian Chamber of Commerce and Industry, Australian Industry Group, as well as financial institutions in Singapore, including ANZ, will take part in the trial,” ABF added.

Finance Magnates earlier reported about RBA’s plan to explore the development and use of a central bank digital currency (CBDC) based on blockchain technology.