International trading Company Help in Providing Accuracy, Traceability and Transparency

1. International trading Company Help in Providing Accuracy, Traceability and Transparency

3. The time and cost of clearing goods for International trading company add a significant financial burden on trade due to the copious layers of authorizations to import or export goods – such as permits, licenses, phytosanitary certificates, and others - that are required on the grounds of human, animal or plant health or safety. The final arbiter in a border transaction is Customs, whose role is to ensure that all such permits have been obtained and that they are valid and that the goods have been lawfully declared and all regulatory requirements have been met.  • The reality at the moment is that not all the above information is available to authorities and what information there is often requires verification. Therefore, goods are often subjected to a high level of scrutiny including, potentially, physical inspections or laboratory tests.  International trading company results in high costs for the traders, delays in clearing the goods, and a high degree of resourcing for the government authorities.

4. International trading company help in providing accuracy, traceability and transparency, as well as reducing costs both for trade and government. • Data integrity.  • Imagine a company being started by a producer by recording the sale of goods to a distributor and then being augmented by every transformation or change of hands (e.g. storage in a warehouse, consolidation with other goods, inspected by Quarantine on export, packed into container, loaded on ship, cleared by Customs on export, etc.).  • The distributed ledger concept would guarantee the integrity of the data stored in the company as the company is incremented and, therefore, when it is presented to the authorities of the importing countries they can rely on every piece of information having been generated by its originator.

6. Simplification. Time and effort would be saved all along the supply chain by parties not having to reproduce the information and submit it manually to the authorities or trading partners.  Transactions would be made based on original data supplied at source. • Increased security. Opportunities for corruption or collusion (a common problem in many countries which significantly adds to the cost of trade) would be reduced as the data cannot be retroactively tampered or altered along the way as the ledger represents the single source of truth. • Multi-use big data.Over time, the companys would create a vast repository of ‘big data’ which can be used to analyze patterns and trends of trade to enable increasingly sophisticated risk profiling, which would enhance the border authorities’ risk management capacity.

7. Guaranteed confidentiality. Confidentiality of the data would be guaranteed by an encrypted key being originated at the start of the chain and being passed down to the other parties in the supply chain including the border authorities.