The Commercial Customs Operations Advisory Committee (COAC), an advisory committee to the US Customs and Border Protection (CBP), has established a working group to explore blockchain technology for CBP’s trade functions. The working group aims to advance priorities that promote trade facilitation, global customs modernization and global supply chain security, to enhance the competitiveness of American businesses.
Formed in September, the Global Supply Chain Subcommittee – Emerging Technologies Working Group will monitor and advise the COAC and Customs and Border Protection on issues related to new technologies or advancement of existing technology which will have an impact on trade. The working group initially will be looking into the applicability of blockchain to the trade processing.
The working group said it has identified 14 possible blockchain use cases that include ideas such as capturing and keeping track of partnering government agencies licenses, permits, certificate of origin reporting and free trade agreement product qualifications, carnets and bonded movement tracking.
The group is currently exploring these use cases through workflow processes to determine how they might be deployed using blockchain.