Singapore Launches eCO Blockchain

Singapore has launched the world’s first blockchain-based platform for electronic certificates of origin (eCO) for its Chamber of Commerce.

The platform has been developed by vCargo, a Singapore-based trade facilitation provider.

The blockchain solution permits instant verification of eCOs and runs on a private blockchain network that prevents fraud, alterations and third-party interference.

This latest iteration of blockchain is another major move toward large scale implementation across the whole of logistics.

By hosting the information of trade transactions on a tamper-proof distributed ledger system, which relies on authentication and access by various stakeholders of the platform, the Singaporean system looks to be secure and safe.

VCC’s platform utilizes QR codes, which allow eCOs to become scannable for smart phones and printable.

Victor Mills, Chief Executive of SICC, said: “SICC is honoured and fortunate to have the opportunity to work with VCC on the launch of its platform.

“My team has provided input for the design of a 21st-century system, which will benefit customers, the Chamber and all authorized operators alike.

“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."

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