Blockchain in every port to curb misinvoicing suggests Tech for Transparency initiative

A new initiative called Tech for Transparency is calling for concept notes from parties interested in participating in its efforts to implement blockchain in every port and logistics transit point to ensure accuracy and integrity of global trade data.

The initiative is being promoted by a privately owned company called The Digital Economist, which describes itself as a Washington-based global impact organisation.

Facilitating TBML

A report published by the company called In Pursuit of the Hidden Economy points out that despite the scale of misinvoicing in global trade, there is currently no widely adopted system in place for the receiving port to positively confirm on a timely basis that the bill of lading presented to it is identical to the export manifest.

It also highlights that the data gap between exporting and importing countries is systematically exploited for various reasons, including to evade customs duties and shift profits while the data gap also facilitates trade-based money laundering (TBML).

Call for participants

The initiative ambitiously wants to promote a new global norm requiring all ports to use blockchain technology, or another immutable distributed ledger solution that provides immediate and secure data exchange.

Tech for Transparency proposes to make shipping its first major initiative and is calling for concept notes from parties interested in participating in this effort from the digital science perspective and from the political perspective.

The report, In Pursuit of the Hidden Economy, can be found here.

 



Categories: Trade Based Financial crimes News

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