Improved Shipping with The Proof of Trust
Midway through 2021, and the entire world is still adjusting to living with COVID-19. As if things weren’t challenging enough, Brexit has added further disruption to the British and European political landscape, with many difficult discussions about trade deals and so on. Shipping companies have had to navigate tricky waters, literally and metaphorically, to bring goods across borders. The added red tape from Brexit and extra safety measures to control the spread of coronavirus have severely impacted the expected shipping time across most European nations. According to sources, container freight rates from Asia to the UK have increased almost fourfold since November. This is due to a global rebound in demand for consumer goods and materials and congestion across UK ports, where many empty containers have been left stranded.

As well as the challenges mentioned above, European customs officials have long been working hard to reduce illegal trade and fraud entering the bloc. Organised criminal networks target perceived weaknesses in customs procedures as access points to fraudulently bring goods into the EU. According to some EU reports, imports of counterfeit and pirated products amounted to around €121 billion (6.8% of EU imports) in 2018.

Of course, with new legislation, there is always a settling in period, and the safety measures to stop the spread of COVID are simply unavoidable. However, there are things we can do. Enhanced customs technology and communication channels would improve security and reduce fraudulent imports. This is precisely what we at The Proof of Trust want to achieve — enable safer and faster cross-border trade while simultaneously decreasing delays.

The Proof of Trust technology integrates into existing systems and acts as the backbone of a decentralised customs clearance system. Shipment issues, such as missing licenses or identification queries, would be immediately checked by customs officials or other vetted individuals. If the cargo is identified as fraudulent, The Proof of Trust will pass information onto the relevant authorities to intercept illegal goods. A recent cooperation agreement has been signed between the Secretary-General of the World Customs Organization (WCO) and the Director-General of the European Anti-Fraud Office (OLAF), which focuses on EU wide information sharing. Our technology aligns perfectly with this agreement. Customs departments connected via The Proof of Trust could share information to improve fraud identification — saving taxpayers money and speeding up worldwide shipments.
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['Shipping', 'Government', 'Blockchain', 'Technology', 'Smart Contracts']