PwC Australia has announced that it has launched a blockchain-based system that will look to revolutionize the country’s supply chain industry by simplifying international trade processes.
The system was developed in a collaborative effort from PwC Australia, the Australian Chamber of Commerce and Industry, and the Port of Brisbane, creating the new Trade Community 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.
“The port – whether sea or air – is the first and last point of domestic contact in the international supply chain, and is the primary point at which all significant supply chain participants converge. To grow Australia’s trade competitiveness, we need to look beyond our ports.”
The new system will look to ease the growing pressure that’s being placed on Australia’s supply chain processes as the country’s trade volume continues to rise.
According to PwC, Australia’s five major ports deal with approximately 9mn container movements annually, with this expected to rise to 15mn by 2025.