The Commercial Customs Operations Advisory Committee (COAC) is investing in Blockchain development for potential use to trade processing. The COAC is an advisory committee to the U.S. Customs and Border Protection (CBP).
U.S. Customs and Border Protection Blockchain Plans
“The working group was established to 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,” reads the Trade Executive Summary presented by the COAC.
The statement focuses on Blockchain technology but not exclusively on it. The intention is to introduce the new technologies that are spreading in the world, to trade processing and other areas.
“The group came up with 14 proposed use cases. They included 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,” explains the COAC.
There is a group of people working on those topics in order to help improving the COAC and Customs and Border Protection. This group was working in Washington D.C. in a two-day workshop. The first day there was a level setting educational day provided by the Department of Homeland Security (DHS) on blockchain and how to use it. The second day, the intention was to identify practical use cases that could be further explored.
Blockchain Technology is Expanding Its Boundaries
Blockchain technology, is spreading in many different aspects. Businesses, educational institutions, health operators, and financial services are some of the fields in which Blockchain is growing.
Other governments, not only the American one, are investing in this technology in order to make things much more efficient. For example, ConsenSys, a blockchain technology firm is involved with governments to promote the benefits of the blockchain.
“As one of the largest companies building Blockchain software, with our hub in Brooklyn, New York, we are honoured to continue working closely as the US maintains its leadership as a home for the building of transformative technologies,” Joseph Lubin, founder of ConsenSys commented. ConseSys was collaborating with the government of Dubai to deliver an Ethereum blockchain course hosted in the Arab city.
Enterprises are Also Trying to Participate in the Blockchain Market
CoinStaker has covered different institutions and enterprises willing to adopt blockchain technology. JP Morgan Chase, Amazon, Bank of America, Governments and more businesses are already investing in this technology.
The Bank of America has filed several Blockchain patents and JP Morgan is investing heavily on it. The intention is to reduce transactional costs and make transactions faster than what they are at present.
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