Australian Government Seeks Supply Chain and International Trade Blockchain Solution

Department of Home Affairs seeks secure and transparent trade activities using the blockchain

0 536

The Department of Home Affairs (DHA) of the Australian government seeks secure and transparent trade, and supply chain activities using the blockchain. The DHA hopes that this supply chain management and international trade blockchain solution will modernize the way trade is handled within Australia. The pan-governmental body will then be motivated to receive upcoming technologies like more blockchain solutions, artificial intelligence (AI) and internet of things (IOT). This will result in a real-time intelligence connected with supply chain activities in the country.

According to ZDNet, on 10th May 2018, the DHA proposed the planned framework for the international trade blockchain solution during a trade growth standing committee meeting.

A person on behalf of the Department of Home Affairs stated the following;

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.

Potential plan for international trade blockchain solution

The Department of Home Affairs are carrying out investigations and research to understand and apply the capabilities of blockchain to the framework of the supply chain management and international trade blockchain solution.

There was a submission by the department to the committee stating that on the next four years, the department hopes the cargo imports to Australia will experience a 13 percent rise in sea cargo and a 28 percent rise in air cargo. Other benefits of blockchain to the trade plan includes reduced trade documentation, related costs, reduced delays connected to movement of paperwork.

The trade modernization plans could result in, “increased safety and security as well as greater efficiency in border inspection clearance procedures”.

The concluding statement on the submission marked for, “a secure and modern end-to-end supply chain is fundamental to Australia’s security, growth and prosperity”.

The plans by DHA comes out at a time when Digital Transformation Agency of Australia gets the go to investigate getting government services on the blockchain with a budget allocation of 700,000 AUD (approx. 521,000 USD) by the Australian government.

You might also like