A blockchain trial aimed at improving cross border trade with Singapore has been introduced by the Australian Border Force (ABF). The blockchain infrastructure would make businesses easier, paperless, and more cost-effective among Australian outfits, according to the Australian Border Force news release.

The live blockchain trial was launched in collaboration with the Singapore Customs and Singapore Infocomm Media Development Authority (IMDA) and aims to test the digital verification systems in line with trade facilitation by the respective agencies.

According to the ABF, the trial will test digital verification platforms for electronic trade documents through both the ABF-developed Intergovernmental Ledger (IGL) and IMDA’s TradeTrust. Businesses will be able to check Certificates of Origin using the blockchain systems and regulators and provide input on their specific experiences.

As stated, the Australian Chamber of Commerce and Industry, the Australian Industry Association, as well as financial institutions in Singapore, including ANZ, among others, will be involved in the process.

Michael Outram, Australian Border Force Commissioner 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, digital exchange of trade information as part of the future architecture and design of an Australian Trade Single Window.”

The use of blockchain technology innovations or infrastructure to enhance cross border trades is not uncommon in the cryptosphere. Standard Chartered reportedly made a significant milestone by completing its first cross-blockchain trade finance pilot transaction between Hong Kong and China. Series of innovations like this have sprung up with multinational banks taking the lead.

Besides the noted Standard Chartered’s milestone, HSBC also piloted the completion of a pilot live blockchain letter of credit (LC) transaction in Malaysia back in October.

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