The World's First Blockchain-Based eCO Platform Has Been Unveiled
The Singapore International Chamber of Commerce (SICC) and Singapore-based cross-border solutions provide vCargo Cloud (VCC) launched the world’s first blockchain-based Electronic Certificate of Origin (eCO) platform.
The unveiling took place at Suntec Convention and Exhibition Center in Singapore on May 8th 2018.
SICC is the world’s first chamber to offer a blockchain-based eCO platform and seeks to provide a trade facilitation process that offers high security, efficiency and flexibility. Chief Executive of SICC, Victor Mills said that “SICC is honoured and fortunate to have the opportunity to work with VCC on the launch of its platform” and that “This new eCO system revolutionizes 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.”
An eCO platform is a digital form of a certificate of origin (CO) – an international trade document that certifies goods in a shipment have been obtained, produced, manufactured and processed in that country. The digital form of a CO has been made possible through VCC’s platform, which utilises the use of QR codes, allowing them to be scanned using a smartphone. This will, of course, help improves efficiency and also reduce the cost of verifying COs.
The new eCO platform also can be authorised and accessed by various stakeholders and allows information of hosting trade transactions to be authenticated, and with the eCO running on a private blockchain-based network, it can prevent issues of fraud and unauthorised third-party interference.
Mr Desmond Tay, the CEO of VCC commented on the new launch: “These blockchain capabilities will be incorporated across our CamelONE cross-border digital platform, making it even more secure and robust”. He added further about VCC, saying “as an industry leader with established partnerships and an extensive regional presence, VCC will strive to deliver continual improvements and innovations in our solutions, and to meet the rising global demand for the digitalisation of trade and logistics processes.”
VCC has announced that after their launch in Singapore, they intend to start promoting the platform on a global scale, beginning with Asian countries using the pay-per-use model.