Platform offers blockchain-based electronic certificates of origin

The service will be made available on GeTS’ open trade blockchain (OTB) platform starting on July 5, 2019, according to a release from the company.
Chong Kok Keong , the CEO of GeTS, said a Certificate of Origin is an important trade document for cross-border trade between countries, as it certifies the origin of the imported goods. 
The blockchain-based eCOs on the GeTS OTB platform will facilitate a more open and transparent digital trade economy, promote trusted connections, help establish the provenance of goods, and serve as a source of authenticity to customs agencies and importers, he said. It will also help to mitigate fraud risks or potential alteration of content by providing an audit trail while facilitating a more secure exchange of trade documents.
Roland Ng, President of Singapore Chinese Chamber of Commerce & Industry (SCCCI) said the Chamber actively helps enterprises in business development and transformation, enabling them to adapt swiftly to global changes. The partnership with GeTS will empower businesses to expand their global footprint with ease, enhance their productivity, and help their members to harness the business opportunities using a trusted, secure, borderless and seamless blockchain technology, he said.
With more than 30,000 certificates of origin being issued yearly, blockchain-based eCOs will enable trade documents to be exchanged securely on a neutral platform on OTB, improving the supply-chain efficiency. Highly compliant industries such as food, pharmaceuticals and automotive will benefit, especially when safety and health are key concerns. It allows traceability and provides transparency in the supply-chain in the event of fraud, recall or adulteration of the food, medication or goods shipped, according to the release. 
"We continue to innovate and bring about critical digital transformation in the trade and logistics industry,” Eugene Wong, chainman of GeTS, said. “Blockchain will transform international trade, and the OTB platform is the perfect solution to bridge and create a neutral layer of trust among multiple stakeholders, allowing them to collaborate and to access trade documents securely."