Australia and Singapore completed a blockchain-based trial for trade flow

It was recently announced that the Australian Border Force (ABF) and two Singaporean authorities have completed a trial testing the interoperability of two digital verification systems using blockchain technology.

Indeed, the ABF reported the completion of a blockchain trial that will help to prove trade documents can be issued and verified digitally across two independent systems. It was stated that the interoperability of two digital verification systems was successfully tested.

The trial, which was announced last November, is part of the Australia-Singapore Digital Economy Agreement to facilitate cross-border trade and improve paperless trading between the two countries. This thus showed the capability of Australia in issuing high integrity digital trade documents that can be instantly authenticated, provenance traced and digitally processed.

Hence, the platform aims to progressively remove the need for paper documents and reduce cross-border transaction costs for Australian businesses.