Global eTrade Services (GeTS) shared news about launching blockchain-based electronic Certificates of Origin (eCOs) in partnership with the Singapore Chinese Chamber of Commerce and Industry (SCCCI). This development was on 05 July.
GeTS informed that the service would be made available on GeTS neutral and trusted Open Trade Blockchain (OTB) platform shortly. GeTS conveyed that the Certificate Of Origin is an important document for cross-border trade between countries. The document is used to certify the origin of imported goods. The blockchain-based eCOs on GeTS OTB platform would serve a multitude of uses.
Mr. Roland Ng, President of SCCCI expressed –
“SCCCI actively helps enterprises in business development and transformation, enabling them to adapt swiftly to global changes. The partnership with GeTS will empower businesses to expand their global footprint with ease, enhance their productivity, and help our members to harness the business opportunities using a trusted, secure, borderless and seamless blockchain technology.”
Mr. Chong Kok Keong CEO of GeTS indicated enthusiasm to partner SCCCI to roll out this initiative by leveraging blockchain technology. Chong added that this partnership was in a bid to fulfill regulatory requirements. He opined that through this collaboration, a host of productivity gain would be availed by the trading domain. Chong noted that GeTS would continue to make trade more accessible, easier and predictable for the global trade arena.
GeTS sustained by adding more on the various beneficial uses of its blockchain-based platform. The platform would facilitate a more open and transparent digital trade economy, promote trusted connections while helping to establish the source of goods. The platform would also serve as a source of authenticity to Customs agencies and importers. The platform would aid to mitigate fraud risks or doctoring of content.
In June, Global eTrade Services introduced Single Window Mesh, quoted as the next-gen in global trade facilitation. Single Window Mesh aids governments and businesses to better share data while collaborating digitally. It uses technologies such as AI (Artificial Intelligence), blockchain and neural network algorithm.
GeTS clarified that with more than thirty thousand Certificates of Origin issued annually, blockchain-based eCOs would enable trade documents to be exchanged securely. GeTS added that this would improve the supply-chain efficiency. The global trade platform industry noted that highly compliant industries such as pharmaceutical, automotive and food would benefit specifically concerning safety and health issues. GeTS added on the key benefit of traceability, transparency in the supply chain in cases of unforeseen mishaps.