WTO blockchain report says customs remains ‘weak link’ of trade digitalization
Analysts have been categorizing blockchain projects worldwide into a “periodic table” that allows for a granular analysis of the technology’s inroads into global trade. The World Trade Organization and Trade Finance Global have published their latest taxonomy of blockchain projects in international trade, arranged into what they present as a “periodic table” for the industry.The original rendition of the periodic table was published in winter 2019. Since then, a lot has changed: despite the pandemic, several indicators used in the table show that blockchain trade innovation projects....
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Dubai’s government is testing blockchain tech for trade finance in partnership with IBM. Dubai Customs, the emirate’s customs office, and Dubai Trade, an electronic trade services hub operated by the government, are helping spearhead the initiative, announced today. Several private companies are involved, including Emirates NBD and Banco Santander, two major banks that have tested the tech in the past. Du, a UAE-based telecom, and Aramex, a shipping and logistics firm headquartered in Dubai, are also taking part in the trade finance test, along with an as-yet-unnamed airline carrier. On....
Russian authorities confiscated four bitcoin mining machines from an unidentified citizen last week at a security checkpoint located on its southern border with China. A report from the Siberian Customs Department suggests that the individual attempted to bring "four undeclared metal objects", later identified as ROCKMINER R4 units, through a customs checkpoint at the Manzhouli Sino-Russian Inter-Trade Tourist Area. However, the bitcoin miner failed to provide the necessary documentation or pay required fees for doing so. The customs officers evoked a 2012 decision issued by the Board of....
Chinese authorities continue to crackdown against bitcoin miners after they seized 49 second-hand Bitmain ASIC Antminers from unnamed individuals that recently attempted to smuggle in the devices using falsified documents.
Devices to Be Disposed of in Accordance With Regulations
Huangpu Customs of China’s Guangdong Province has said it seized 49 used bitcoin (BTC) miners from an unnamed party that was attempting to smuggle the devices into the country. Local reports say the old machines will be disposed of in accordance with local regulations.
According to a....
Two government agencies funded IBM's latest blockchain implementation, the largest ever in terms of parties involved and arguably one of the more impressive in the sophistication of the offering. With support from both Dubai Customs and Dubai Trade, IBM has so far courted a telecommunications service provider, a letter of credit issuing bank, a responding bank, a freight company and an airline in a trial centered on what major financial firms believe is one of the tech's most promising use cases. Once the all-inclusive supply chain and trade finance proof-of-concept is completed, it will....
In the age of growing digitalization, blockchain has emerged as a pivotal force propelling the progress of developing nations. This transformative shift is powered by the integration of cutting-edge technologies, including blockchain, with the capacity to revolutionize traditional economic sectors. By leveraging these technologies, developing countries can achieve improved efficiency, transparency, and innovation within their […]