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Port of Brisbane launches blockchain proof of concept

The Trade Community System will allow cargo information to be managed using blockchain technologies The Trade Community System will allow cargo information to be managed using blockchain technologies

The Port of Brisbane has announced the launch of a proof of concept ‘Trade Community System’ application, developed with PwC Australia and the Australian Chamber of Commerce and Industry, which employs blockchain technologies to improve efficiency in the movement of goods through the port.

{mprestriction ids="1,2"}“The Trade Community System proof of concept is the first stage in building an innovative end-to-end supply chain that will digitise the flow of trading information, improve connectivity for supply chain participants, reduce friction for business and reduce supply chain costs, providing unprecedented productivity gains for Australia’s international businesses,” said PwC partner, Ben Lannan.

“The port – whether sea or air – is the first and last point of domestic contact in the international supply chain, and is the primary point at which all significant supply chain participants converge. To grow Australia’s trade competitiveness, we need to look beyond our ports.”

The Trade Community System aims to address a number of points and recommendations from the Inquiry into National Freight and Supply Chain Priorities Report recently released in Australia, to assist in handling the country’s growing volume of trade and reducing pressure on supply chains, ports and border authorities.

There are an estimated 9 million container movements at Australia’s five major ports each year, with this figure projected to rise to 15 million by 2025.

“At present the current inefficiency across Australian supply chains has added to the cost of doing business, creating up to AUS$450 in excess costs per container,” said Bryan Clark, director of trade and international affairs at the Australian Chamber.

“This doesn’t just represent in excess of AUS$1 billion in value lost, but goes to the heart of Australian commodity trade viability when it gets priced out of the competitive global market.”{/mprestriction}

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