In response to Australia and Singapore’s Australia-Singapore Digital Economy Agreement, Australia and Singapore have commenced a trial of two digital verification systems that leverage blockchain technology.
What does it do?
The trial looks at how the technology can prove trade documents, as well as issue and verify them across two independent systems. According to the news release, QR-codes embedded with unique proofs are inserted into digital Certificates of Origin (COO), enabling immediate verification for authenticity and integrity of the document when scanned or machine-read.
Trial participants include both Government agencies as well as industry with the Australian Chamber of Commerce and Industry, Australian Industry Group, ANZ Bank, DBS Bank, Standard Chartered and Rio Tinto.
Trial participants have noted the ease of the systems, as well as the savings made by using verifiable COO’s. The ultimate goal is to remove the need for paper and streamline the process between the two countries.
“Digital verification and verifiable documents show promise as a ‘circuit-breaker’ to disrupt persistent paper-based evidence required by authorities,” – Australian Border Force Commissioner, Michael Outram.