A. General Information
Cross Border CO Exchange between Singapore and Belgium
vCargo Cloud Pte (VCC)
B. Lessons Learned
Through the collaboration with SICC, VCC developed Smart Certificate of Origin (eCO) System, a platform which will vastly improve transparency, security and efﬁciency in authenticating trade documents. It permits instant veriﬁcation of eCOs and runs on a private Blockchain network that prevents fraud, alterations and third-party interference
The platform represents a quantum leap in processing CO's and other trade-related documents by hosting information of trade transactions on a tamper-proof distributed ledger system, which can be authenticated and accessed by various stakeholders to the platform.
VCC's platform utilises QR codes, allowing eCOs to be scanned using smart phones and then printed. Allowable prints are restricted to prevent unauthorized duplicates. The system improves efficiency and minimizes the costs of verifying COs, removing a major impediment in the process and a frequent cause of high insurance or trade finance costs.
The platform operated by VCC for eCo is called CamelOne. TheCamelONE embraces the “Buy-Ship-Pay” model to digitize the entire end-to-end process for trade and supply chain, including marketplace, logistics and financing. CamelONE offers 3 key value propositions to its users.
First, it provides a platform to digitize transactions and integrate intra-organization processes including trading transactions, trade compliance and logistics processes.
Next, the platform simplifies information exchange among stakeholders. Trade and logistics processes typically require a massive amount of information and documents to be exchanged between multiple parties. Finally, CamelONE is a marketplace. It is a marketplace for traders to source and trade with trading partners, it is also an avenue for service providers to offer their services to users.
To effectively manage the trade processes over borders considering the fact of rapid increase of business documents exchanged in cross border trading.
Smart eCO System allows for:
Fully electronic submission through web-based system for traders;
Online verification and approval by the Chambers’ Officers;
Dashboard and reports that are built into the system;
CO that can be printed on pre-printed or plain paper;
For Data Security, we provide QR code and Blockchain features; and
A full featured mobile App that allows stakeholders to verify the authenticity of the CO.
Electronic certificates of origin
The process is done through CamelOne platform based on Blockchain technology.
For more detail refer to the link: https://smarteco.vcargocloud.com/; https://www.vcargocloud.com/our-solutions/trade-facilitation-platform/.
Consider the challenges which lie at the heart of Blockchain technology such as complex nature, difficulties to adopt, scalability, costs, etc.
Low costs of implementation
Prevent forgery and fraud
Simple and convenient verification of authencity
Embedded smart certificate capabilities
Distributed database without dependence on single source of truth
Further improvements and innovations to meet the rising demand for the digitalization of trade and logistic processes.
Enlarge the geography of data exchange using this platform.
CamelONE is designed and implemented on open and industry standards, such as WCO data models, IATA standards, etc. Due to its open nature, CamelONE is technology vendor agnostic. This means that users and stakeholders can connect to CamelONE regardless of the vendor and service provider they have adopted in their existing in-house IT system.