US Customs Evaluating Blockchain Technology For Trade-Focused Areas

The US Customs and Border Protection (CBP) is looking into blockchain technology for its introduction into trade related areas.

Blockchain and Supply Chain Management Industry

On October 3, 2018, the Commercial Customs Operations Advisory Committee (COAC) and members of the government advisory group met to discuss the regulatory reform regarding the introduction of “emerging technologies” in trade focusing areas.

According to a press release on Tuesday, CBP concludes its latest round of testing blockchain technology for supply chain management.

Meanwhile, CBP hopes that blockchain technology implementation to track shipments around the world will streamline the agency’s efforts. This will replace the North American Free Trade Agreement (NAFTA) and the Central American Free Trade Agreement (CAFTA).

Blockchain for supply chain

Potential Benefits of Blockchain technology

Levels of interest in blockchain

Areas of interest in Blockchain

Blujay Solutions is a supply chain management software company working with an agency to implement blockchain technology in tracking shipments. It’s global product manager, Celeste Catano confirms saying, ” We just round up our testing last week on the blockchain solution for NAFTA and CAFTA verifications. Moreover, we hope to have some recommendations by the December meeting.”

Moreover, CBP’s Automated Commercial Environment Business Office’s director, Vincent Annunziato says,

We’ve produced a hybrid system that allows public sharing of data. It also maintains security of that data. It’s particularly important to keep trade secrets. Following what this architecture is suppose to do,” during October meeting.

blockchain in supply chain logistics

More Info

Not only the US, many countries have stressed the use of blockchain technology in mining through shipping and trading. However, blockchain technology has the ability to enhance them from the ground up. In the very recent news, Blythe Masters also addresses the application of blockchain in supply chain markets and adds,

Blockchain facilitates the exchange of critical trade documents, bills of lading, letters of credit between connected users securely and confidentially, clearly, the indications for metals mining, shipping, storage, and logistics industries are nontrivial.

Did you guys read about Blythe Master’s prediction of DLT changing Supply Chain Markets? Do you think Supply chain and trading markets will be revolutionized by DLT?

Here’s a lots of relevant information articles that you’ll love to read:

  1. Top 50 Largest Public Companies Exploring Blockchain
  2. How Will Blockchain In Education Rising?
  3. Adoption of Blockchain Technology in Various Sectors
  4. What Is Coming With The Future Of Blockchain?

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Image Credit- Cloud Front, Date x corp

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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