May 21, 2018 Last Updated 7:58 AM, May 18, 2018

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Australia to introduce blockchain technology for international trade management

blockchainAusBNAusBN - Australia’s Department of Home Affairs (DHA) is considering adopting blockchain technology to modernise its international trade and supply chain management procedures.

The department is pushing for a pan-governmental framework for emerging technologies, which includes blockchain, artificial intelligence (AI) and the Internet of Things (IoF), to provide real-time data tracking the country’s supply chain activity.

The DHA proposed the framework during a joint standing committee on trade growth.

A spokesperson from the department said: "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."

In the proposal the DHA said it expects to see a 28% increase in air cargo and a 13% rise in sea cargo imports to Australia over the next four years, and advised that blockchain technology could play a key role in reducing trade documentation and associated costs.

It concluded that the modernisation plans could provide greater safety, security and efficiency to current border clearance procedures. "A secure and modern end-to-end supply chain is fundamental to Australia's security, growth and prosperity."

@AusBNOnline

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