TradeTrust: accelerating the digitalization of international trade
Infocomm Media Development Authority of Singapore and Singapore Customs
WCO News, World Customs Organisation, 94, February 2021
March 11, 2021
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Photo from WCO News Journal
Singapore is spearheading the implementation of TradeTrust, which is a framework comprised of a set of globally accepted standards to facilitate the digitalization of documents used in international trade and logistics and their interoperability, and also a set of software components that connect to a blockchain backbone IT infrastructure. Economic operators and public and private institutions using TradeTrust will create a global network of trusted partners for the exchange and verification of digital trade documentation across borders. The ultimate objective is to enable a more seamless flow of goods between trading nations and reduce the inefficiencies and complexities generated by the use of paper-based documentation, making cross-border trade simpler and safer.
- Topic: IT systems, databases , e-commerce
- Market: Global , Asia
- Copyright of the journal: World Customs Organisation