Australia and Singapore to Trial ‘Paperless’ Trade Using Blockchain Technology

in hive-148441 •  4 years ago 

The Australian Border Force (ABF), the country's customs and border agency, wants to facilitate cross-border trade with Singapore using blockchain technology.

According to ABF's announcement on Wednesday, blockchain trials were launched this week in line with the Digital Economy Agreement (DEA) between Australia and Singapore to make it easier for businesses to digitally exchange trade documents.

In collaboration with Singapore Customs and the Singapore Infocomm Media Development Authority (IMDA), the blockchain trial aims to reduce administrative costs and improve trading efficiency.

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