Australia Safeguards International Trade with Blockchain
May 11, 2018
Department of Home Affairs (DHA) in Australia plans using blockchain for providing security and transparency of international trade and supply chain management.
The agency states, the technology will allow to modernize international trade management within the country and stands for establishing global regulatory framework for new technologies including blockchain, artificial intelligence and Internet of goods. Using this framework Australia plans to enable live tracing of the country’s supply chains.
The proposal was put forth at the meeting of the standing committee on trade and investments. Australia’s DHA claimed, the technology may improve processing and analyzing trade data. The agency already studies possibilities of applying blockchain in the trade modernization program.
As the ministry believes, blockchain would help to eliminate documentation, costs and delays caused by time consuming paper work. In addition, blockchain is supposed to enhance security, stability and efficiency of customs procedures.