A. General Information
Singapore-United Kingdom Quantum Secure eBL pilot project
B. Lessons Learned
An international consortium has successfully completed a quantum-secure cross-border electronic trade document transaction. The pilot entailed the transportation of sample building products from the United Kingdom to Singapore.
Offer a verifiable, secure and legally recognized solution for future digital trade transaction
Digitalization of trade processes and documents and use of latest available technologies to reach quantum-levels of security in the exchange of trade documents.
Transportation of products and exchange of trade documents (bill of lading, promissory note)
The transaction involved the utilisation of both traditional paper documentation and electronic trade documents, including an electronic bill of lading (eBL) and a digital promissory note. Notably, these digital trade documents were simultaneously reconciled using a Distributed Ledger Technology (DLT) in both jurisdictions. To ensure the utmost protection of the electronic trade documents against current and future cyber threats, including those posed by quantum computers, a quantum-secure ‘seal’ was employed. This cutting-edge technology, incorporating Arqit’s symmetric key agreement and quantum notary technology, fortified the documents. Throughout the journey, the shipment was meticulously tracked in real-time, and the condition of its contents was continuously monitored using secure and cost-effective Internet of Things (IoT) technology. Additionally, to enhance the shipment’s security during transit, a tamper-resistant digital record of the location and state of the physical goods was embedded into an NFT (Non-Fungible Token) by Database of Native Assets Ltd (DNA) using IoT sensors and Kadena blockchain technology.
Bill of lading, promissory note
This pilot provides a great example of how digitalization can remove friction from trade between the UK and Singapore and it is a practical demonstration of the improvements that are achievable under the terms of MLETR-type legislation and the negotiation of good, effective Digital Economy Agreements, such as that agreed between the UK and Singapore. This achievement marks a significant milestone in the journey towards fully digital international trade, offering a verifiable, secure, and legally recognized solution for future digital trade transactions. The outcome of this pilot program will pave the way for more cost-effective, simplified, expedited, and sustainable international trade.