Project

A. General Information

1. Title

Cross Border CO Exchange between Singapore and Belgium

2. Status of the project
Pilot
3. Implementation period of the project/service:
From
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To
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6. Participating agencies/entities of the project/service:
a. Development stage
Lead agencies/entities
Singapore International Chamber of Commerce (SICC) (www.sicc.com.sg)
Other participating agencies/entities
vCargo Cloud Pte (VCC)(www.vcargocloud.com)
b. Operational stage
Lead agencies/entities (op)
Singapore International Chamber of Commerce (SICC)
vCargo Cloud Pte (VCC)
Other participating agencies/entities (op)
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7. Main stakeholders/beneficiaries of the project
Traders (big enterprises)
Traders (SMEs)
Customs brokers
Customs
8. Business process category of the project
Regulatory/official control

B. Lessons Learned

9. Summary description of the project/service
a. Objective(s)

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.

b. Business need for the project (background)

To effectively manage the trade processes over borders considering the fact of rapid increase of business documents exchanged in cross border trading.

c. Business process covered*

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.

d. Overall architecture and functionalities*

Link: https://www.unescap.org/sites/default/d8files/event-documents/20211006_UNESCAP_APTF_Launch_Webinar_Desmond.pdf

15

e. Relevant document/figure
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10. Documents and data exchanged via the project

Electronic certificates of origin

11. Data models/databases, proprietary solutions, hybrid approaches

 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/.

12. Main challenges faced during the project

Consider the  challenges which lie at the heart of  Blockchain technology such as complex nature, difficulties to adopt, scalability, costs, etc.

13. Lessons learned from the project
--
14. Main benefit(s) of the project
Enhanced regulatory compliance*
Transaction Cost savings*
Transaction Time savings
Simplified process
14A. Elaborations/detailed description on benefits gained

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

15. Technical/financial/capacity building/other assistance
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16. Future plan for expansion of the project

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.

17. Other information or relevant references on the project

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.

https://smarteco.vcargocloud.com/

18. Relevant document regarding the project
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C. Relevant Standards

20. Electronic message standard
20A. Electronic message standard supporting the project
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20B. Type of standard for electronic message applied for the project
Please see point 17
21. Technical communication standard
21A. Technical communication standard supporting the project
N/A
21B. Type of technical communication standard applied for the project
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22. Security-related standards*
22A. Security-related standard supporting the project
--
22B. Type of security-related standard applied for the project
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23. Other Technical Information
23A. Interface developed for data exchange with an internal system
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23B. Other technical implementation information
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