Blockchain at the border
Infusing trust and traceability into the trade and traveler ecosystem, blockchain offers more efficient, secure and cost-effective ways to manage the complexity of processes, procedures and information in multi-stakeholder environments.
We’ve identified four key applications of blockchain:
Applied benefits of blockchain
Vessels save processing time at their destination as their estimated arrival time is accurately and automatically documented. They also avoid the need to carry detailed paperwork as verification of the goods on board is captured digitally ahead of time and their integrity is secured.
In preparation for goods arriving at the border customs officials can digitally verify details such as origin, physical characteristics, licensing, authenticity, destination and journey. The blockchain helps quickly and securely process legitimate trade whilst identifying suspicious traders, illegitimate trade and fraudulent practices. Sensitive or specialist goods can be quickly flagged to ensure correct handling and appropriate transport. No more paperwork holding up arrivals.
Citizens easily order goods safe in the knowledge that only a legitimate product will pass customs and their digital payment will be handled securely. The blockchain supports end-to-end tracking of the journey a package takes.
Traders can digitally verify origin, status and the financing of a shipment before releasing final payment. They can also easily and securely process simultaneous transfer of payment in exchange for ownership. With the additional Internet of Things, traders and customs officials can track the entire supply chain journey to monitor appropriate and safe handling (e.g. correct temperature in vessel, no unapproved access.)
Travelers and immigration officials will experience faster, seamless processing when crossing international borders. Travelers and undocumented refugees can grant access to their digital identities and visa verification on the blockchain. Governments can also securely access information on incoming foreign arrivals ahead of time.