The Australian Department of Home Affairs (DHA) is exploring the use of blockchain technology for a secure and modernized international trade and supply chain management.
The Australian home affairs department wants to harness the inherent benefits of the blockchain technology to modernize its inter-country transactions and also improves its governmental policies presently in place that deals with new and emerging technology like blockchain, artificial intelligence, and Internet of Things (IoT), this is aimed at providing vital information on the country’s supply chain network.
The agency proposed a system which will harmonize all government activities and trade processes such that future transnational end-to-end supply chains will be conducted based on real-time actionable data. The proposed framework was disclosed during a standing Joint committee on digital economy and trade growth in Australia held on Thursday in Sydney.
During the joint committee, a spokesperson from the Australian DHA disclosed that “The majority of traders are trusted and interact in a secure and transparent supply chain,“ however, the intelligence and risk assessment capabilities and revenue collection would gain more when new and emerging technologies like blockchain are adopted. He further added that harnessing the benefits of blockchain would” improve the veracity, validation, and analysis of intelligence and trade data.”
Adopting a Single Window Scheme
A 10-page document, concerning the committee’s inquiry into Australian trade system and the digital economy, explained that a vital component of a trade modernization agenda is a “single window” which would create a safe and secure digital interface between the Australian Government and the industry. The document also claimed that more than seventy (70) global economies have developed and used the single window system although at a different scale, complexity and sophistication.
Harnessing Emerging Technology like Blockchain
The increase in the use of new and innovative technological systems has changed the speed and variability of trade flows across the world thereby creating a challenging environment for government regulatory bodies. However, the Australian Home Affairs is still committed to exploring these new technologies to facilitate legitimate trade in Australia even as the technological ecosystem continually expands and each new system fosters the development of one another.
In early March 2018, Australia played host to high-level delegates from China’s technology sector in a bid to foster blockchain development in the Asian nation. The meeting which was the first international blockchain standard held in Australia focused on the use of “ISO/TC 307” global standard for blockchain and distributed ledger.
Solomon Sunny is the market reporter for Smartereum, one of the global leaders in Ethereum, blockchain and currency news. He produces technical price updates on digital currencies and writes recent developments about blockchain.