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.
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