Tools exist for automating regulatory compliance and financial processing, but they are incomplete, often out of date and not tightly integrated.
Goals and Objectives
The objectives are a reduction in declaration penalties, improved time through customs, accurate/timely settlement, lower freight forwarding costs, and less dispute resolution. In addition, expanded access to capital and increased accuracy in insurance underwriting are enabled through digital resources.
Blockchain, BDA, industry cloud, mobile, and IoT
Use Case Summary
Instrumentation of physical containers is integrated with distributed ledger-based settlement for both the import and export of goods. Industry cloud capabilities evolve to enabling regulatory “communities.” Market expansion is supported by improved access to capital and insurance underwriting, particularly important to small and medium-sized businesses.