The global trade platform company, Global eTrade Services (GeTS), in partnership with the Singapore Chinese Chamber of Commerce & Industry (SCCCI) has announced today, the release of a blockchain-based electronic Certificates of Origin (eCOs) platform.
According to the press release, the service will go live following the announcement and will be hosted on the Global eTrade Service’ neutral and trusted Open Trade Blockchain (OTB) platform.
A Certificate of Origin is used to certify the origin of the imported goods and considered a vital trade document for cross-country trade.
The eCOs on GeTS’ OTB platform will reportedly serve as a source of authenticity to Customs agencies and importers, promote trusted connections, establish the provenance of goods, and ensure a more open and transparent digital trade economy.
The Blockchain-based eCOs as an immutable audit trail will enable trade documents to be securely exchanged on a neutral platform in OTB, thereby modifying the supply-chain efficiency and mitigating fraud risks or potential alteration of goods.
Mr. Chong Kok Keong, the CEO at GeTS, said regarding the latest development,
“We are delighted to partner SCCCI to roll out this initiative by harnessing our blockchain technology to fulfill regulatory requirements. We will continue to make trade more accessible, easier, and predictable for global trade.”
In what is considered more beneficial to highly compliant firms including the food, and pharmaceutical industries, the newly launched service is said to allow the traceability and transparency in the supply chain when it calls for the safety and health on shipped products.
“We continue to innovate and bring about critical digital transformation in the trade and logistics industry,” the Chairman at GeTS, Mr. Eugene Wong said.
In a similar report regarding blockchain adoption, Coinfomania noted that Canadian and Singaporean Central banks successfully transferred digital currency to each other for the first time, through blockchain networks, thus removing the need for any third party.
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