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eCOs: The Next Big Thing in E-Trade Services
The blockchain-based eCOs will be a crucial part of the trade exchange programs especially when it comes to safety and health industry as it enables immutable traceability and provides visiblity in the supply-chain, defeating frauds.
FREMONT, CA: Featured in the Top 10 Logistics Technology Solutions Providers—2019, Global eTrade Services (GeTS) has announced its intention of launching a blockchain-based electronic Certificates of Origin (eCOs) in collaboration with Singapore Chinese Chamber of Commerce & Industry (SCCCI). The most-awaited service will be available on GeTS’ trusted and neutral Open Trade Blockchain (OTB) platform from the 5th of July this year.
“We are delighted to partner SCCCI to roll out this initiative by harnessing our blockchain technology to fulfill regulatory requirements,” said Mr. Chong Kok Keong, CEO of GeTS. “We will continue to make trade more accessible, easier, and predictable for global trade.” Global eTrade Services is an international trade company that molds the future business and supply chain with its pioneering use of technology and deep G2B and B2B domain proficiency. The organization encourages global trade by allowing the orchestration of physical logistics and compliance as well as the financial necessities of trade and supply chain flawlessly with 26 Customs nodes worldwide, 175,000 connected parties, and 18 million transactions annually.
The CO is an extensive trade document for cross-border trade and is made use to certify the origin of the imported goods. The advanced blockchain-based eCOs on GeTS’ OTB platform can render a transparent digital trade economy, encourage trusted connections, help create the provenance of products, and serve as a source of authenticity to customs agencies. It also helps to alleviate fraud risks and probable alteration of content by providing an absolute audit track while supplying a more secure exchange of business documents.
“SCCCI actively helps enterprises in business development and transformation, enabling them to adapt swiftly to global changes,” mentioned Mr. Roland Ng, President of SCCCI. “The partnership with GeTS will empower businesses to expand their global footprint with ease, enhance their productivity, and help our members to harness the business opportunities using a trusted, secure, borderless and seamless blockchain technology.” SCCCI is a recognized global business organization and the first in the province to be granted ISO 9001 certification and an upgraded ISO 9001:2015, later in 2018.
Nearly thirty thousand CO are being used annually, and the blockchain-based eCOs will help in secured exchange of documents on an impartial platform on OTB, enhancing the effectiveness of the supply chain.