4thTech eDelivery use-case & the scope of the UN/CEFACT cooperation (July 2020)
Our lives undeniably rely on technology. Without it, the world would grind to a halt. Supply chains couldn’t function. Most jobs would become impossible. Furthermore, technological innovations are a core part of the progression of society. When new products or services become available, in no time it’s hard to imagine life without them. Yet since technology is such a competitive space, successfully bringing technological innovation to market can be tough. That’s why entities like The United Nations Centre for Trade Facilitation and Electronic Business (UNCEFACT) are so important.
What is UN/CEFACT?
UN/CEFACT is a subsidiary of the United Nations Commission for Europe (UNECE) and is a key player within the United Nations Economic and Social Council for setting electronic business standards and trade facilitation recommendations. UN/CEFACT essentially exists to make trade processes more efficient.
This is achieved by simplifying existing trade procedures in any way possible or completely eradicating unnecessary procedures. A prime example is the flow of information between parties that needs to be efficient, secure, transparent and cost-effective.
One part of what the UN/CEFACT does is discover new technology that could improve electronic business standards and trade facilitation recommendations. After thoroughly vetting said technology, UN/CEFACT may determine that their discovery would improve the standard and issue a recommendation. Prior examples include standardized layouts for trade documents, a consistent alphabetic code for trade and transport locations and many others.
Blockchain is calling
More recently UN/CEFACT has been exploring the potential of blockchain technology, since it may be able to improve trade facilitation in Europe. Our media partner 4thpillar technologies are involved in an upcoming UN/CEFACT recommendation.
On July 9, 2020, UN/CEFACT hosted the online workshop: “Towards Global Interoperable Blockchain Infrastructure”. The workshop explored how companies and governments could use distributed ledger technology to collaborate worldwide. The purpose of the workshop is to highlight the new technology and outline promising use cases like 4thtech which boast improved trust, transparency and efficiency. At this workshop, 4thTech W2W data exchange is one of the use cases that was presented and will later be featured in the recommendation in a whitepaper known as UNECE Chain.
What does this mean for 4thTech?
It’s promising to see that 4thTech’s W2W communication solution is being not just recognised but recommended by an influential entity like UN/CEFACT. One would assume that following this recommendation company across Europe will begin to trial 4thTech’s solution to discover how it could improve their daily operations.
As such, it’s not too hopeful to view this development as a huge positive for 4thTech — their technology solution has been recognised and soon will be presented by a key driver of electronic business innovation.
What 4thTech will be presenting at Geneva UN/CEFACT virtual event?
4thTech will be outlining their blockchain W2W data exchange solution and comparing it to the current solution, Connecting Europe Facility (CEF).
On July 9, 2020, UN/CEFACT hosted the online workshop: “Towards Global Interoperable Blockchain Infrastructure“. The workshop explored how companies and governments could use distributed ledger technology to collaborate worldwide. The purpose of the workshop was to highlight the new technology and outline promising use cases like 4thTech which boast improved trust, transparency and efficiency. At this workshop, the 4thTech FOURdx protocol is one of the use cases that were presented and they will later be featured in the recommendation whitepaper known as UNECE Chain. Hosted by Nena Dokuzov, Project lead, UN/CEFACT Chain project and UN/CEFACT Head of Delegation for Slovenia and presented by Dr. Tali Rezun, 4thTech R&D head.
💡 More information about the UNECE event
💡 For more project information please visit the 4thTech homepage
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