Customs clearance only takes 5 minutes! Taiwan builds a cross-border trade blockchain
Abstract | The world’s first cross-border trade clearance blockchain! According to Customs Administration, Ministry of Finance, at the beginning of this year, it piloted blockchain services for cross-border trade clearance, and cooperate with Singapore and New Zealand to transmit and verify various international trade documents through the blockchain. The time has been reduced from half a day to only need 5 minutes, which is expected to reduce the cost of cross-border trade.
【Published by Liberty Times Net | Editor: Wu Qi-Lun | Translator: Statecraft】
The Customs Administration, Ministry of Finance stated that at the beginning of this year, the customs clearance blockchain service will be piloted. The first batch of cross-border cooperation with Singapore and New Zealand will be used to create a more convenient and safe cross-border customs clearance environment with a focus on cross-border customs clearance, trade and logistics document exchange.
Chen Yi-Chai, deputy director of Customs Administration, Ministry of Finance, explained that because Taiwan has signed economic cooperation agreements with Singapore and New Zealand, customs clearance for cross-border trade requires data exchange, including commercial invoices, packing lists, declarations of origin, etc. In the past, data exchange could only be done by mail, delaying customs clearance of time. In the future, cross-border verification will be carried out through the blockchain and relevant documents will record on the blockchain. This will speed up the import of goods, greatly improve information security, and reduce cross-border Trade document fraud occurred.
Chen Yi-Chai also said that the current global epidemic is still severe. In many countries, corporate employees work from home and transmit files through the Internet. It is important to improve convenience and safety. Customs Administration, Ministry of Finance launched a multinational blockchain platform. After a trial operation at the beginning of this year, it has been highly recognized and affirmed by participating planners to ensure uninterrupted transnational trade operations during the epidemic.
Chen Yi-Chai said that the current players participating in the project include Taiwan 3M Minnesota Mining and Manufacturing Company (3M) and Zespri, a New Zealand kiwi fruit manufacturer.
3M pointed out that through the cross-border blockchain paperless service, the original import clearance document preparation and cross-border transmission time has been reduced from half a day to only 5 minutes. This makes it affected by the COVID-19 epidemic and under Singapore government regulations, colleagues of 3M Singapore branch who work from home are exempted from the inconvenience of mailing paper trade documents when handling export business; Zespri also stated that the cross-border blockchain platform shortens the time required for exporting kiwifruit to Taiwan, strengthens the security of file transmission, and accelerates the time to market for the fruit.
The Customs Administration, Ministry of Finance emphasized that at present it is only piloted with Singapore and New Zealand with one operator each. Singapore has completed 150 blockchain customs clearance, and New Zealand has 30. The trial scope will continue to be expanded in the future. Continue to cooperate with more countries and manufacturers.
■ Source: Liberty Times Net
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