Key Takeaways
- Singapore and Australia complete tests on collaborative blockchain-digital verification system
- Tests involved key stakeholders, including banks and financial organizations
- Blockchain is increasingly used for verification purposes
The Australian Border Force conducted this pilot digital verification test in collaboration with Singapore Customs. Other industry stakeholders in both countries also partook in the test to improve the existing digital verification system.
The test is part of an intergovernmental agreement signed by the two countries in 2020 with the intention to minimize economic trade constraints between the two rising economic powers.
According to the official report, the test included creating a synergy between the two digital verification systems and developing a high-capacity system that can process and verify trade documents.
The blockchain system developed included embedding QR-codes with unique numbers into digital certificates of origin. Once a cross-border trade is made, machines can easily read the codes to verify the authenticity of documents.
The test pilot phase attracted several industry giants, including DBS Bank and Standard Chartered Bank, which took on crucial roles in the trial. The test also included improving the times of confirmation for cross-border transactions.
Speaking on the development, ABF chief Michael Outram stated that the tests showed major potential to replace the existing paper-based system. This sentiment was echoed by Standard Chartered chief Himanshu Maggo who noted that a blockchain-based authentication system could pave the way for verifying trade documents with greater efficiency.
Blockchain technology continues to be used for verification purposes, with many countries contemplating creating digital passports. These passports will enable authorities to track specific activities or information.
It was recently reported that Korea was considering launching a blockchain-based vaccine certificate to enable health authorities to know citizens who had successfully received the covid-19 vaccine.
What are your thoughts on blockchain technology deployed in verification systems?
