Citizens of Singapore can now have an Electronic Certificate of Origin built on the blockchain technology. This Electronic Certificate of Origin [eCO] will be the first of its kind in the world and the eCO platform was unveiled in Singapore on Tuesday, 08 May 2018 by the Singapore International Chamber of Commerce [SICC] and Singapore-based cross-border solutions provider vCargo Cloud Pte [VCC].
The platform will aid in accessing cross border trades related documents and certification of Origin (CO). It will also host information of trade transactions on the distributed ledger system, which various stakeholders to the platform can easily access and authenticate. The platform will also improve security, efficiency and transparency in document authentication. The eCO platform was developed by VCC, a subsidiary of SGX-listed DeClout Ltd. It runs on a private blockchain network that prevents fraud, third-party interference and permits instant verification of eCOs.
The platform was unveiled by the SICC and VCC at a ceremony officiated by Guest-of-Honour Mr 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. Chief Executive of SICC, Mr Victor Mills says, “SICC is honoured to work with VCC on the launch of its platform. This new eCO system revolutionises essentially 19th century processes, providing greater security for all users as well as a clear, unambiguous audit trail through the use of blockchain. I congratulate VCC on its launch.”
The eCO platform was launched at a time when the Government of Singapore called for a Self-Certification regime through the ASEAN Single Window. This certification was aimed at expediting freight clearance and reducing manual paperwork across all 10 member countries. The eCO platform will strengthen Singapore’s aim of the digitalisation of trade to improve productivity in the country.
What do you think of the eCO platform? Share your opinion with us in the comment section below.
Image credit: digitalnewsasia
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.
Latest Episode on Inside Blockchain
Crypto News Update
Crypto Bootcamp Community Celebrates Bitcoin Pizza Day Across Africa
The advent of Bitcoin has paved the way for seamless cross-border payments. The demand for third-party intervention in financial transactions...
Explore, Build Assets, Fight and Earn in the Supernova Space
A new economy was opened in 2017 when blockchain was integrated into gaming to produce the first Web3 game: CryptoKitties....
Owl.Games: The Rise of Crypto Games in the Casino Industry
Crypto gaming used to be new a few years ago but it’s going mainstream now. However, there are some sectors...
BCAT Africa: Reducing Unemployment in Africa
One of the greatest lines spoken in the Spiderverse is “with great power comes great responsibility”, although it can be...
Gamified NFT Platform Trove Announces Launch Partners SideQuest
Trove has announced its new Launch Partnership with SideQuest, a gamified risk-to-earn NFT collection. It was announced on Twitter today. ...
- Move To Earn: Keep Fit, Sport, Connect and Earn on the Calo Metaverse
- Top 5 Move-to-earn Applications on Google Playstore
- Top Move-to-Earn Projects Below $100 Million Market Cap
- MetaRuffy: An Intersection of Blockchain, Web3, VR, and AR
- Crypto Bootcamp Community Celebrates Bitcoin Pizza Day Across Africa