Australian Government Looks to Blockchain for Trade Modernization

NEWS
Sujha Sundararajan
May 10, 2018 at 10:05 UTC  |  Updated  May 10, 2018 at 10:56 UTC

Australia's Department of Home Affairs (DHA) is looking to blockchain technology to provide secure and transparent international trade and supply chain management.

The department is hoping to modernize international trade management in the country and is pushing for a pan-governmental framework for emerging technologies, including blockchain, AI and the internet of things, to provide real-time intelligence on the country's supply chain activities.

The DHA proposed the framework during a joint standing committee on trade growth on Thursday, a ZDNet report says.

A spokesperson from the department was cited as saying:

"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 researching, investigating, and understanding the applicability of blockchain in developing its trade modernization plan.

In a submission to the committee, the department said that, in the coming four years, it expects to see a 28 percent increase in air cargo and a 13 percent increase in sea cargo imports to Australia.

Blockchain could play a role on reducing trade documentation and associated costs, as well as reducing delays associated with errors in the the movement of paperwork, it continued.

Further, the modernization effort could lead to "increased safety and security as well as greater efficiency in border inspection clearance procedures."

The submission concluded:

"A secure and modern end-to-end supply chain is fundamental to Australia's security, growth and prosperity."

Outback road train image via Shutterstock

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