Global eTrade Services (GeTS) teams up with the Singapore Chinese Chamber of Commerce & Industry (SCCCI) to digitize and give a blockchain boost to electronic Certificates of Origin (eCOs), a requirement for every exporter.
GeTS, a global trading exchange, will make the service available from today on its secure and reliable Open Trade Blockchain (OTB) platform.
What is an eCO and how does blockchain help?
The Certificate of Origin is an authentification document for all cross-country trades and verifies the origins of the traded goods. Using a blockchain-empowered platform, the eCOs issuance process is expected to become more trustworthy and reliable, owing to transparency in transactions. With a single verification process on the blockchain platform, it will significantly speed up the verification process for Customs officials and importers.
Blockchain will also enhance the security by recording an immutable supply chain trail of the goods, thereby making it less prone to fraud.
A strong and strategical partnership
According to the President of SCCCI, Roland Ng, this partnership speaks volumes about the organization’s increased involvement in technological advancements to support the businesses of tomorrow. The collaboration will not only help them stay updated with global technological changes but also help them harness blockchain’s true potential in optimizing productivity levels.
The partnership aims to boost the supply chain process at every level. The blockchain-enabled will ensure that the constant flow of thousands of eCOs are recorded and managed on the OTB safely and efficiently. Besides, it will also help food and pharmaceutical industries gain an extensive insight in the complete chain of supply of the goods. Simply put, higher the transparency and traceability, less susceptibility to malpractices.
Meanwhile, CEO of GeTS, Chong Kok Keong, cites that the association with SCCI will streamline the trade services and develop coherent import and export practices.
The partnership marks the entry of blockchain in international trade and logistics sector and crosses off another industry from its potential applications list.