The world’s first blockchain-based platform for electronic certificates of origin (eCOs) was presented in Singapore by the Singapore International Chamber of Commerce (SICC) and Singapore-based vCargo Cloud (VCC).
The platform wants to improve transparency, security and efficiency in authenticating trade documents. It permits instant verification of eCOs and runs on a private blockchain network that prevents fraud, alterations and third-party interference.
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The platform aims to change the process of trade-related documents by hosting information of trade transactions on a tamper-proof distributed ledger system, which can be authenticated and accessed by various stakeholders of the platform.
A certificate of origin (CO) is an international trade document which certifies that the goods in a specific shipment have been obtained, produced, manufactured or processed in the stated country.
The platform also use QR codes, allowing eCOs to be scanned using smart phones and then printed. The number of prints is restricted to prevent unauthorised duplicates. This improves efficiency and minimises the costs of verifying COs
VCC will promote the platform globally, beginning with Asian countries, such as Japan, Myanmar and Sri Lanka.
