The Singapore International Chamber of Commerce (SICC) and vCargo Cloud (VCC), a Singapore-based cross-border trade facilitation solutions provider, have officially unveiled a blockchain-based platform for electronic certificates of origin (eCOs).
A certificate of origin (CO) is an international trade document which attests that the goods in a particular shipment have been wholly obtained, produced, manufactured or processed in the stated country. SICC said that it is the world’s first chamber to offer a blockchain-based eCO platform.
The solution, developed by SICC’s technology partner VCC, will enhance transparency, security and efficiency in authenticating trade documents, according to the official release. Running on a private blockchain network, it would allow instant verification of eCOs and prevent fraud, alterations and third-party interference.
“SICC is honoured and fortunate to have the opportunity to work with VCC on the launch of its platform,” Victor Mills, Chief Executive of SICC, said. “This new eCO system revolutionises what are today still essentially 19th century processes, providing greater security for all users as well as a clear, unambiguous audit trail through the use of blockchain technology.”
The platform will allow hosting information of trade transactions on a tamper-proof distributed ledger system, which can be authenticated and accessed by various stakeholders of the platform. Using QR codes, it will permit eCOs to be scanned using smart phones and then printed. There is a restriction on the number of allowable prints in order to prevent unauthorised duplicates. This helps in improving the efficiency, while lowering the costs of verifying COs.
The launch will see an initial group of users moving to the new system, and remaining users will make the transition gradually. Leveraging the Singapore launch, VCC intends to promote the platform globally, starting with Asian countries using the pay-per-use model.
