Story image

SICC and vCargo Cloud launch world's first blockchain-based eCO

The world's first blockchain-based Electronic Certificate of Origin (eCO) platform was unveiled in Singapore yesterday by the Singapore International Chamber of Commerce (SICC) and Singapore-based cross-border solutions provider vCargo Cloud Pte (VCC).

Developed by VCC the eCO platform will vastly improve transparency, security and efficiency in authenticating trade documents. 

It permits instant verification of eCOs and runs on a private blockchain network that prevents fraud, alterations and third-party interference. 

SICC and VCC unveiled the platform at a ceremony officiated by Guest-of-Honour Chua Taik Him, Singapore's Senior Advisor of Enterprise, which was attended by over 100 senior Singaporean officials from trade-related agencies and industry leaders. 

The platform represents a quantum leap in processing CO's and other trade-related documents by hosting information of trade transactions on a tamper-proof distributed ledger system, which can be authenticated and accessed by various stakeholders to the platform. 

A certificate of origin is an international trade document which certifies that the goods in a specific shipment have been wholly obtained, produced, manufactured or processed in the stated country. An initial group of users will move to the new system, with the remaining users transiting in subsequent phases

VCC's platform utilises QR codes, allowing eCOs to be scanned using smartphones and then printed. Allowable prints are restricted to prevent unauthorised duplicates. 

The system improves efficiency and minimises the costs of verifying COs, removing a major impediment in the process and a frequent cause of high insurance or trade finance costs.

As the first chamber to implement blockchain-based eCOs, the SICC seeks to provide a trade facilitation system that offers the highest security, efficiency and flexibility to its members, trade-related agencies and users of complementary services such as trade financing and insurance.

VCC intends to leverage on the Singapore launch to promote the platform globally, beginning with Asian countries that are substantive manufacturing exporters such as Japan, Myanmar and Sri Lanka, using the pay-per-use model. 

The launch of the blockchain-based eCO platform comes amidst the Singapore Government's call for a Self-Certification regime through the ASEAN Single Window, which aims to expedite freight clearance and reduce manual paperwork across all 10 member countries. 

This new solution will also strengthen Singapore's position as a global innovation hub and supposedly reinforces the city-state's commitment to driving the digitalisation of trade to improve productivity.

Lenovo DCG moves Knight into A/NZ general manager role
Knight will now relocate to Sydney where he will be tasked with managing and growing the company’s data centre business across A/NZ.
The key to financial institutions’ path to digital dominance
By 2020, about 1.7 megabytes a second of new information will be created for every human being on the planet.
Is Supermicro innocent? 3rd party test finds no malicious hardware
One of the larger scandals within IT circles took place this year with Bloomberg firing shots at Supermicro - now Supermicro is firing back.
Record revenues from servers selling like hot cakes
The relentless demand for data has resulted in another robust quarter for the global server market with impressive growth.
Opinion: Critical data centre operations is just like F1
Schneider's David Gentry believes critical data centre operations share many parallels to a formula 1 race car team.
MulteFire announces industrial IoT network specification
The specification aims to deliver robust wireless network capabilities for Industrial IoT and enterprises.
Google Cloud, Palo Alto Networks extend partnership
Google Cloud and Palo Alto Networks have extended their partnership to include more security features and customer support for all major public clouds.
DigiCert conquers Google's distrust of Symantec certs
“This could have been an extremely disruptive event to online commerce," comments DigiCert CEO John Merrill.