- U.S. Customs and Border Protection Agency (CBP) has concluded testing of the blockchain technology at its borders.
- The technology was used for over a year and was designed to track NAFTA and CAFTA agreements.
- Discussions on the results of the test will be held in December.
Blockchain is being used at The U.S. Customs and Border Protection Agency (CBP) for import tracking.
It seems now that the U.S government will be reviewing its use of blockchain technology in this regard over the next few months. Discussions will also be held regarding this issue in December 2018.
The review is part of deliberate efforts being made to review trade-related regulations in the United States.
There has been some testing of blockchain technology in tracking import shipments without having to compile complicated paperwork.
In August 2018, The CBP’s “live fire” blockchain system was officially put into use. The purpose of this was to verify the North American Free Trade Agreement (NAFTA) and Central American Free Trade Agreement (CAFTA) certificates.
After over a year of testing, the results are being compiled and will be released in December. This is according to Celeste Cartano, the global product manager for the supply chain software firm BluJay solutions.
A hybrid system has been created for the maintenance of security data and also to allow public sharing of data between various parties.
“We’re looking at blockchain technology to see how it can be used in the supply chain arena. It’s particularly important for keeping trade secrets and that’s what this architecture is designed to do. This is new ground for us, so it’s exciting,” said Vincent Annunziato, director of CBP’s Automated Commercial Environment Business Office.
This isn’t the first time the DLT is being used for border-related transactions. The U.K is reportedly considering using blockchain in their relations with the Irish border following the upcoming Brexit move.
Supply chain giant DHL is also exploring the possible uses of blockchain, even going as far as to open a research center for the purpose.
Movement between countries and borders is an essential part of the international economy and involves the movement of billions of dollars worth of goods and services.
Blockchain could significantly reduce the time, energy and money spent in recording and tracking these goods.
The results of this test drive are still being analyzed but by December, more information will emerge on the system being scrapped or widely adopted.