Project

A. General Information

1. Title

Singapore-United Kingdom Quantum Secure eBL pilot project

2. Status of the project
Pilot
3. Implementation period of the project/service:
From
2023
To
2023
4. Website
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5. Geographical coverage
Bilateral
Participating countries: Singapore, United Kingdom of Great Britain and Northern Ireland
Hub Point: Singapore
6. Participating agencies/entities of the project/service:
a. Development stage
Lead agencies/entities
Chamber of Commerce UK, Centre for Digital Trade and Innovation (UK), Infocomm Media Development Authority (Singapore)
Other participating agencies/entities
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b. Operational stage
Lead agencies/entities (op)
Chamber of Commerce UK, Centre for Digital Trade and Innovation (UK), Infocomm Media Development Authority (Singapore)
Other participating agencies/entities (op)
Permavoid Limited, AG Midgley Ltd, Watson Farley & Williams LLP, Wong Tan & Molly Lim LLC, Database of Native Assets Ltd
7. Main stakeholders/beneficiaries of the project
Traders (big enterprises)
Traders (SMEs)
Other Government Agencies (OGAs)
8. Business process category of the project
Commercial Transactions
Forwarding and cargo handling

B. Lessons Learned

9. Summary description of the project/service
Brief Summary

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.


 

a. Objective(s)

Offer a verifiable, secure and legally recognized solution for future digital trade transaction

b. Business need for the project (background)

Digitalization of trade processes and documents and use of latest available technologies to reach quantum-levels of security in the exchange of trade documents.

c. Business process covered*

Transportation of products and exchange of trade documents (bill of lading, promissory note)

d. Overall architecture and functionalities*

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.

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

Bill of lading, promissory note

11. Data models/databases, proprietary solutions, hybrid approaches
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12. Main challenges faced during the project
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13. Lessons learned from the project

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.

14. Main benefit(s) of the project
Enhanced regulatory compliance*
Transaction Cost savings*
Transaction Time savings
14A. Elaborations/detailed description on benefits gained
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15. Technical/financial/capacity building/other assistance
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16. Future plan for expansion of the project
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17. Other information or relevant references on the project
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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
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21. Technical communication standard
21A. Technical communication standard supporting the project
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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
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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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