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The new system was designed to link supply chain information using blockchain technology. In its development participated PwC Australia, the Australian Chamber of Commerce and Industry, and the Port of Brisbane.

According to the press release, ‘Trade Community System’ will revolutionise international trade by removing complexities in the system.

“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,” PwC Partner, Ben Lannan said.

It is noted that there is a growth in trade in Australia, which increases pressure on the supply chains. About 9 million container movements are carried out annually in 5 major ports of the country. According to forecasts, by 2025 this figure will increase to 15 million. Industry representatives believe that this is the right time to initiate a program of reforms and modernization.

“At present the current inefficiency across Australian supply chains has added to the cost of doing business, creating up to $450 in excess costs per container. This doesn’t just represent in excess of $1bn in value lost, but goes to the heart of Australian commodity trade viability when it gets priced out of the competitive global market,” said Australian Chamber, Director of Trade and International Affairs, Bryan Clark.

By Ekaterina Ulyanova

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