Search
Close this search box.

We are creating some awesome events for you. Kindly bear with us.

Singapore International Chamber of Commerce launches world’s first blockchain-based e-Certificate of Origin

Singapore International Chamber of Commerce launches world’s first blockchain-based e-Certificate of Origin

On 8 May, Singapore
International Chamber of Commerce
(SICC) became the world’s first chamber to
offer a blockchain-based e-Certificate of Origin (eCO) platform to drive the
digitalisation of trade.

A
certificate of origin (CO) is an international trade document which certifies
that the goods in a specific shipment have been wholly obtained, produced,
manufactured or processed in the stated country.

As the
first chamber in the world to implement blockchain-based eCOs, SICC seeks to
provide its members, trade-related agencies and users of complementary services
such as trade financing and insurance with a trade facilitation system that
offers higher security, efficiency and flexibility.

The launch
ceremony for the eCO was officiated by Mr Chua Taik Him, Senior Advisor of
Enterprise Singapore, and attended by over 100 senior officials from
trade-related agencies and industry leaders.

At the
launch, Mr Chua remarked that the initiative is significant as it will
strengthen Singapore’s competitiveness as an international trading hub through
reinforcing its digital connectivity with the global markets.

Developed
by Singapore-based cross-border trade facilitation solutions provider vCargo
Cloud, the solution will vastly improve transparency, security and efficiency
in authenticating trade documents.

Users
of the eCO platform go through the following steps to obtain the eCO: first, an
exporter applies for CO online, which the Chamber is responsible to approve and
issue. Then, a digital copy of the CO is added into the blockchain. The smart
digital CO is propagated to all blockchain nodes. Lastly, the authenticity of
the digital CO is verified by the importer(s) and/or bank(s) using QR code
printed on the CO.

The
platform utilises QR codes, allowing eCOs to be scanned using smart phones and
then printed. The number of allowable prints is restricted to prevent
unauthorised duplicates. This improves efficiency and minimises the costs of
verifying COs, removing a major impediment in the process and a frequent cause
of high insurance or trade finance costs.

“This
new eCO system revolutionises what are today still essentially 19th century
processes, providing greater security for all users as well as a clear,
unambiguous audit trail through the use of blockchain technology,” said Mr
Victor Mills, Chief Executive of SICC.

Credit: Singapore International Chamber of Commerce and VCargo Cloud

The
platform aims to vastly improve transparency,
security and efficiency in authenticating trade documents. It permits instant
verification of eCOs and runs on a tamper-proof private blockchain network that
prevents fraud, alterations and third-party interference.

The launch
will see an initial group of users moving to the new system, with the remaining
users transiting in subsequent phases.

The launch
of the blockchain-based eCO platform comes amidst the Singapore Government’s
call for a Self-Certification regime through the ASEAN Single Window, which
aims to expedite freight clearance and reduce manual paperwork across all 10
member countries.

Founded in 1837, SICC is Singapore’s
longest serving voice of the private sector. It represents over 600 companies,
40 nationalities and 20 business sectors. Membership is equally split between local
and foreign multi-nationals and large organisations and medium, small and
start-up companies.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

Send this to a friend