The Singapore International Chamber of Commerce (SICC) in conjunction with vCargo Cloud recently unveiled the world’s first Electronic Certificate of Origin (eCO) on the blockchain platform. The unveiling took place at the Suntec Convention and Exhibition Center on May 8th this year.
vCargo Cloud stated they are honored to be the chambers selected technology partner providing their members with a trade facilitation system that offers higher security, efficiency and flexibility. With the launch of this new system, the Singapore International Chamber of Commerce becomes the first chamber to offer a blockchain-based eCO platform.
The certificate of origin of CO as it is better known as an international trade document which certifies that the goods in a specific shipment have been wholly obtained, produced, manufactured or processed in the stated country.
With the creation of this new blockchain platform trade documentation an easily be authenticated due to the improved transparency, security and efficiency. Verification of the trade documents via QR codes is instantly permitted and the system is housed on a private blockchain network that prevents fraud, doctoring and third-party interference.
vCargo Cloud CEO, Mr. Desmond Tay said, “The launch of our smart eCO solution will make VCC the first in the trade and logistics industry to introduce the capability to make our eCOs immutable. This blockchain capability will be incorporated into other components within our CamelONE cross-border digital platform, making our platform 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 to meet the rising global demand for the digitization of trade and logistics processes.”