{"id":8305,"date":"2021-08-19T16:25:03","date_gmt":"2021-08-19T15:25:03","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=8305"},"modified":"2021-08-19T16:25:12","modified_gmt":"2021-08-19T15:25:12","slug":"australia-and-singapore-concludes-joint-venture-digital-verification-blockchain-pilot","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/australia-and-singapore-concludes-joint-venture-digital-verification-blockchain-pilot\/","title":{"rendered":"Australia and Singapore concludes joint venture digital verification blockchain pilot"},"content":{"rendered":"\n
The joint venture between Australia and Singapore saw a nine-month blockchain initiative <\/a>assessing the cost and time efficiency of the two countries\u2019 digital verification systems has been deemed to be a success.<\/h5>\n\n\n\n
\"Australia<\/figure>\n\n\n\n

The Australian Border Force (ABF), Singapore Customs, the Infocomm Media Development\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> Authority of Singapore (IMDA), and other industry representatives have completed a blockchain trial project to assess the status of the countries' digital verification systems for issuing and verifying trade documents.<\/p>\n\n\n\n

The joint venture was part of the Australia\u2013Singapore Digital Economy Agreement, which aims to improve the efficiency of trade between the two countries while reducing economic friction in cross-border payments.<\/p>\n\n\n\n

The interoperability of the two digital verification systems \u2014 the ABF's Intergovernmental Ledger and the IMDA's TradeTrust reference implementation \u2014 was investigated to see if \u201chigh integrity digital trade documents that can be instantly authenticated, provenance traced, and digitally processed\u201d could be created.<\/p>\n\n\n\n

\u201cQR-codes integrated with unique proofs are incorporated into digital certificates of origin (COO), providing quick verification for authenticity and integrity<\/a> of the document when scanned or machine-read,\u201d according to the official press release.<\/p>\n\n\n\n

High-profile industry organizations such as the Australian Chamber of Commerce and Industry and the Australian Industry Group, as well as financial institutions such as ANZ Bank, DBS Bank, and Standard Chartered, all of which participated in the trial, praised the advantages of increased cost and time efficiency through the use of verifiable COOs.<\/p>\n\n\n\n

When the trial was announced in November 2020, it was hoped that digitizing COOs would pave the way for a shift away from paper-based documentation, which not only harms the environment but also slows supply chains because businesses often wait until hard-copy documents<\/a> are delivered by couriers before approving them.<\/p>\n\n\n\n

Commissioner Michael Outram of the ABF commented on the promising outcomes of the trials:<\/p>\n\n\n\n

\u201cDigital verification and verifiable documents show promise as a \u2018circuit-breaker\u2019 to disrupt persistent paper-based evidence required by authorities.\u201d<\/p><\/blockquote>\n\n\n\n

\u201cThe rapid authentication of digital COOs is a meaningful step towards developing a trusted commerce environment where confirming the provenance of commodities is conducted with remarkable efficiency,\u201d stated Himanshu Maggo of Standard Chartered Bank.<\/p>\n","protected":false},"excerpt":{"rendered":"

The joint venture between Australia and Singapore saw a nine-month blockchain initiative assessing the cost and time efficiency of the two countries\u2019 digital verification systems has been deemed to be a success. The Australian Border Force (ABF), Singapore Customs, the Infocomm Media Development Authority of Singapore (IMDA), and other industry representatives have completed a blockchain […]<\/p>\n","protected":false},"author":12,"featured_media":8308,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[130],"tags":[1390,202,3877,931],"class_list":["post-8305","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","tag-australia","tag-blockchain","tag-pilot","tag-singapore"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/08\/Australia-and-Singapore-concludes-joint-venture-digital-verification-blockchain-pilot-scaled.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/8305","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=8305"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/8305\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/8308"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=8305"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=8305"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=8305"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}