First Blockchain-based E-certificate Of Origin By Vcargo
This Wednesday, the 9th of May, vCargo Cloud Pte or VCC unveiled in Singapore the very first Electronic Certificate of Origin (eCO) platform based on blockchain technology. Alongside the Singapore International Chamber of Commerce (SICC), VCC revealed their newest digital trading platform which revolutionizes e-commerce.
On 8th May 2018, SICC and VCC launched world’s first Electronic Certificate of Origin (eCO) on Blockchain, officiated by Guest-of-Honour by Mr Chua Taik Him, Senior Advisor of Enterprise Singapore. Read more here: https://t.co/nw40gqgsZA pic.twitter.com/YbgbobIodP
— vCargo Cloud Pte Ltd (@vCargoCloud) May 10, 2018
A certificate of origin is essential to ensure the authenticity of key documents and products, and help preserve the transparency and security of a trade. This international trade document certifies that the goods it refers to have been either produced, manufactured, processed or obtained in the country stated on official records.
vCargo created a blockchain-based platform that will secure electronic commerce and prevent third-party interference, fraud, and alterations. This program not only enables the authentication of eCOs but it also significantly improves safety by running on a private blockchain network.
“The launch of this eCO solution will make VCC the first industry to make eCOs immutable. These blockchain capabilities will be incorporated across our CameIONE cross-border digital platform, making it even more secure and robust. As an industry leader with established partnerships and an extensive regional presence, VCC will strive to deliver continual improvements and innovations in our solutions, and to meet the rising global demand for the digitalization of trade and logistics processes.”
– Mr. Desmond Tay, CEO of cCargo Cloud Pte
This system helps reduce the cost of verifying eCOs by using QR codes which allow eCOs to be scanned with smartphones. They can then be printed, however, prints are limited to prevent unauthorized duplicates. This platforms simplifies the verification process of certificates and therefore, it also facilitates trade.
Not only is this a revolution for online commerce, it also represents a milestone for Singapore and reinforces its position as one of the world’s most important innovation hub. This comes to prove the city-state’s dedication to improve productivity by leading the digitalization of trade.
“SICC is honored to work with VCC on the launch of its platform. This new eCO system revolutionizes essentially 19th-century processes, providing greater security for all users as well as a clear, unambiguous audit trail through the use of blockchain. I congratulate VCC on its launch.” – Mr. Victor Mills, Chief Executive of SICC
This launch is also the start of a global promotion as VCC wants to export the platform worldwide starting with important Asian exporters like Japan, Sri Lanka and Myanmar. Whilst the SICC and the Singaporean government want to implement this blockchain-based eCO to provide a secure, efficient, and flexible trade-facilitation system for the members of the chamber as well as for trade-related agencies or users of complementary services.