Australian Government Wants to Use Blockchain to Modernize Trade Process

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Australian’s Department of Home Affairs (DHA) wants to use to blockchain to modernize trade process by enhancing transparency in its supply chain so the government can track the whole process, reported ZDNet on May 10. 

The main sectors where Australian’s government wants to improve international trade management are artificial intelligence (AI), blockchain, and the Internet of Things (IoT).

A department spokesperson expressed,

“The majority of traders are trusted and interact in a secure and transparent supply chain. Intelligence and risk assessment capabilities and revenue collection are improved by new and emerging technologies, such as blockchain, that would improve the veracity, validation, and analysis of intelligence and trade data.”

The DHA is currently looking at the different applications of the blockchain and how trade information could be stored and recorded on the distributed ledger.

“We may not need to develop discrete new border management/import/export systems, but rather leverage the pertinent information captured by industry. Home Affairs would use the information in conjunction with other processes (e.g. risk assessment) to manage the clearance of goods,” the DHA mentioned.

The department truly thinks that the blockchain technology could have an impact on reducing trade documentation such as licenses and eliminate the risk of the human mistake since the blockchain would run autonomously.

“Blockchain is intended to give real-time visibility, significantly improving the information available for risk analysis and targeting, which may eventually lead to increased safety and security as well as greater efficiency in border inspection clearance procedures,” the department stated.

 

 

 

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