ASB in collaboration with Verify Union has positively launched its country’s first bank blockchain single trade platform. It came when the platform was used by Kiwi meat exporter Greenlea Premier Meats to make a trade with a big Korean importer. The platform was used in a similar way like the old-style trade procedure. Every similar document connecting to the trade were able to be uploaded, shared and updated within the protected platform which will save time for all those involved in the supply chain – from ASB, Greenlea, the shipping company, to Maritime New Zealand and other government agencies.
As per ASB’s GM Global Transaction Banking Greg Beehre this new platform is an important new chapter in the history of New Zealand in distributing the products in the rest of the world. The company is pleased to be one step ahead continuing New Zealand’s single trade gap and excited to use blockchain technology to digitize and improve the trade process for the clients.
With the secure blockchain platform to start a business not only it decreases the time, New Zealand exporters might require time to spend on certification through the trade process, as Jack Vollebregt CFO of Greenlea clarifies, it also declines the dangers of dishonesty and cyber security pressures.
Vollebregt mentioned that being able to use the ASB blockchain platform and then exporting to 40 different countries would eradicate the fragile spots and safeguards the honesty of the data. It also particularly like the prompt conversion competence which will maximize any mistakes or human error that can come from commerce with trades based in dissimilar countries as well as time zones.
Beehre says that it also offers traceability and is accessible through the complete supply chain ecosystem giving every partner in the procedure a modest advantage and that is the reason ASB is very important to the company.
In its mission to stay revolutionize, ASB says the next stage is responsible for a trade through air freight. Members will be proclaimed in the coming weeks.
Witnessing the milestone trade was VerifyUnion who designed the platform for ASB.
“New Zealand is an export led economy. It was really important to us to be able to use emerging technologies to help ASB solve a real problem facing its exporting customers. At the documentation layer, the blockchain-enabled supply chain allows partners to access key documents, such as a bill of lading, certificates of origin and other documents required by customs, which streamline these processes. The application of blockchain technology in trade creates the potential for multi-beneficial productivity gains to the supply-chain,” AJ Smith, VerifyUnion CEO says.
Also involved in the test is insurer Vero, whose marine insurance division is one of the leading export insurers in New Zealand, and Prodoc, New Zealand’s leading export documentation processing company.
“New Zealand exporters are some distance from most of their overseas markets, and having secure verified insurance certificates is critical to protecting local businesses from the risk of transit incidents,” Allen Chong, Executive Manager, Marine at Vero says. “Marine insurance is an old and very traditional form of insurance, but blockchain has a lot of potential to provide an efficient and reliable successor to previous paper-based systems. It’s exciting to be moving marine insurance into the modern world of automation.”
Prodoc CEO Steve Cox says, “Using couriers and email for the ‘last mile’ of documentation has always been a source of cost and possible fraud. By reducing the cost and bringing in blockchain to verify the authenticity of documentation, the trade can be facilitated faster and the trust relationship between the exporter and their customer can be improved.”