Recently, accounting giant PwC has introduced a new trading System that is based on Blockchain technology.
The community trade System has launched a Proof-of-Concept App, in order to improve the global trade productivity due to the link between supply chain information and data about the Blockchain. This came about after the completion of years of a joint effort between the Australian chamber of Commerce and industry (ACCI), PwC Australia and the port or Brisbane.
The System aims to increase production, reduce costs, and to simplify international trade. It will also reduce Photocopying and errors caused by people. In addition, the recorded information can be distributed in a decentralized Register of the persons involved holds together thanks to the supply chain closely.
The scheme has been developed to treat a number of proposals and obstacles arising from Australia’s national freight transport carried out assessment of the main interests of the supply chain. The report was published at the beginning of this month.
Ben Lannan, PwC Partner, said:
“The concept of the community trade system is the first step in a future that should simplify the supply chain information and enterprise to digitize information. It will also make supply chains effective and productivity for the business.“
Australia each year sees more than 9 million marine Container movements in the five largest ports in the country.
The port of Brisbane covers 1.860,5 acres of Land. In the years 2016/2017, the port recorded more than 1.22 million container movements.
According to experts, approximately 15% of all the data of imports to be printed almost 30 times. This is the company’s performance and accounting in a high degree impaired.
In an industry that does not inspire for Changes to see lasting incompetence as a result of the manual process, the extreme cost of US $ 450 per Container.
Bryan Clark, ACCI Director of trade and international Affairs, said that the price corresponds to a value loss of USD 1 billion. In addition, it is in the heart of Australia’s raw materials trade, if it comes from the international competition. He called for a significant program for digital enhancement and modernization for the Australian commercial industry.
Australian Financial Review published notes of the ACCI officials. He said:
“What we considered is the ability to implement symbolic savings, if we can use technology such as the Blockchain in the business environment.”
The introduction of the Proof-of-Concept Blockchain App follows Malcolm Turnbull, the Australian Prime Minister, has appointed the Digital Transformation Agency (DTA) for the government to investigate the Blockchain technology for future use in the government as a whole.
The DTA is based on the $ 700,000 from the Australian Federal budget, in order to research possible applications and approve them. In 2019, it will start with a paradigm to deliver social assistance payments on a Blockchain platform.