The Australian Border Force (ABF), Singapore Customs, and Singapore’s Infocomm Media Development Authority (IMDA) have conducted a blockchain-based experiment that verifies the capacity to digitally issue and verify trade papers across two systems, lowering cross-border transaction costs.
The pilot included the Australian Chamber of Commerce and Industry, the Australian Industry Group, ANZ Bank, DBS Bank, Standard Chartered, and Rio Tinto. It was all part of the Australia-Singapore Digital Economy Agreement, which attempts to boost trade between the two nations.
According to the joint press release, the experiment will examine the interoperability elements of the two digital verification systems — the ABF’s Intergovernmental Ledger and the IMDA’s TradeTrust reference implementation. QR Codes containing extraordinary evidence was inserted into digital Certificates of Origin (COO) by the trial’s officials, allowing the document to be scanned and its authenticity checked in real-time.
The trial’s success demonstrates how Australian governments and companies are increasingly issuing high-quality digital trade papers that can be instantaneously validated, provenance traced, and digitally processed. This blockchain-based approach will significantly improve trade confidence while also reducing transaction time and inefficiencies.
“ABF is proud to pioneer cutting-edge digital verification projects in Australia. We understand this collaboration is among the first to involve multiple government agencies from two countries to achieve cross-border document interoperability. Digital verification and verifiable documents show promise as a ‘circuit-breaker’ to disrupt persistent paper-based evidence required by authorities.”said ABF Commissioner Michael Outram.
According to the authorities, the venture’s main goal is to replace paper documentation in cross-border commercial activities gradually. Exploring blockchain technology, which has risen in prominence in trade applications over the years, might help restore trust. There is no room for mistakes because all parties can easily examine the transactions.