BREAKING: Australia Plans to Test Paperless Trade with Singapore Using Blockchain

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BREAKING: Australia Plans to Test Paperless Trade with Singapore Using Blockchain

Photo: Bloomberg

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 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. ABF expressed a willingness to collaborate with other international agencies to expand the paperless trade program.

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