Australia-Singapore digital verification blockchain project ready

Australian authorities developed a blockchain based technology that will lower the difficulty and enhance the efficiency of trade the documents. This project is at the verge of testing phase.

In November 2020 Infocomm Media Development Authority of Singapore (IMDA) and Singapore Customs together announced that they will work on a project that will give ease to their working system of documents verification. Now they are almost ready to use.

Now after 8 month, these two authorities under Australia–Singapore Digital Economy Agreement with the collaboration of other industries blockchain leaders, have announced that their dream to reduce the economic friction between these two countries will surely reach a better level. Because through this blockchain project the authorities of these two countries will be able to verify the documentations digitally with very high potential and also the remittance services between these two countries will be easy to facilitate.

Through the official press release on this project, they stated about the working mechanism and how it will help them.

“QR-codes embedded with unique proofs are inserted into digital certificates of origin (COO), enabling immediate verification for authenticity and integrity of the document when scanned or machine-read”

Beside the Australian and Singapore’s authorities, financial companies like ANZ Bank, DBS Bank and Standard Chartered participated in the trail of this project. 

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