BUSINESS WEST – CONNECTING BUSINESSES inspire
Blockchain helps remove the barriers to data transfer
There’s been a huge amount of hype about Blockchain with many experts believing that it could be one of the major innovations of the last 30 years – including the internet. Some go further and say that it could even be
bigger than the internet was as far as the disruption it will cause. What the internet did for communications, Blockchain will do for trusted transactions and the global Blockchain market is expected to be worth $20bn by 2024. Once again, the West of England region proves
itself at the forefront of innovative technology. Business West Chambers of Commerce, working with its IT partner, i2i Infinity, has successfully processed the first-ever European Certificate of Origin through Blockchain technology. The request was submitted by local engineering company, Renishaw, and is the first Certificate of Origin to be added to a Blockchain outside of South East Asia. A Certificate of Origin is a document commonly used by businesses trading internationally, to identify the origin of the goods that are being exported. The reason for breaking tradition and processing this document through a Blockchain was to help prevent fraud and to guarantee authenticity. So, what is Blockchain? In simple terms it is a
new form of decentralised database. A digital ledger of information stored chronologically in ‘blocks’, it allows for the efficient and nearly instantaneous processing and transfer of data. It records transactions across many computers and doesn’t allow the record to be changed without the alternation of all subsequent blocks therefore ensuring its transparency. Experts say it could result in huge cost savings and increased profits for companies using it. To be compliant with existing regulations, Business West also produced a physical document alongside the Blockchain but included a QR code that links directly to the Blockchain and a digital proof of certification. James Monk, commercial
director at Business West, said: “Business West has an established reputation in developing and using technology to simplify trading internationally. We are delighted to have worked with our IT partners i2i Infinity and Renishaw to process Europe’s first Blockchain enabled Certificate of Origin. Whatever challenges and opportunities Brexit may bring, we are certain that the more we can streamline and verify the trading process, the easier it will be for our clients.” Renishaw, one of the world’s leading engineering and scientific technology companies has a track record for trialling and leading on new initiatives. They were quick to take up the opportunity of being a part of this pilot project. Chris Pockett, head of communications at Renishaw, said: “While Renishaw is well known for its innovative world leading engineering
Adam Underwood, managing director i2i Infinity and James Monk, commercial director, Business West
‘So, what is Blockchain?
In simple terms it is a new form of decentralised database’
technologies, we actively apply innovation across all of our business operations.
Therefore we are delighted to have been involved with this European first
using Blockchain technology.” i2i Infinity developed the Certificate of Origin Blockchain using Ethereum infrastructure and has a verification website that validates the certificate on the Blockchain which then displays the ledger records. Adam Underwood, managing director of i2i
Infinity, said: “We are looking to further develop the solution using Hyperledger Fabric which will enhance the solution, and align the technology development with the likes of IBM & Maersk. “The UK has recently agreed to adopt the
Union Customs Code (UCC) and HMRC is set to deliver a new customs declaration service which implements the rules of the UCC. This includes
key requirements – and digitised trade is one of those. This pilot is a demonstration of Business West’s and i2i Infinity’s ability to lead technology for international trade in the UK.” Business West is a leading business support organisation with a heavy focus on international trade. Offering support from the very beginning of a business’ export journey to the end, they can help with anything from intellectual property protection to export documentation. Business West is planning to be at the forefront of international trade support post- Brexit and this is just one of the many initiatives being developed by the organisation. The technology is currently in testing phase but the pilot project with Renishaw was a success and the aim is for the service to become common practice and pushed live through Business West’s online documentation service, Acorn International, at a future date.
JULY/AUGUST 2018 insight 17
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