Costa Rican customs utilizes blockchain technology

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Blockchain is becoming a well-established component of the supply chain. This involves acknowledgment of the relevance of digital ledgers by governmental leaders.

A blockchain is software that uses digital technology to create a digital ledger for data and register transactions by grouping them into chronologically ordered blocks.

The Costa Rican Customs Authority has approved such a system, incorporating a blockchain-based platform and utilizing it to examine containerized shipping events and transportation papers, such as bills of arrival. TradeLens is the firm that offered the technology.

Thanks to modern technologies, key information may now be digitally captured in particular data fields in transportation papers. The objectives are twofold: To facilitate commerce for conforming businesses doing business in the nation while also aiding in detecting fraudulent activity.

Data may be recorded in a secure digital way using the blockchain technique. This gives you real-time data about transactions between multiple parties in records that you can’t change.

How can blockchain technology be used?

The blocks on the blockchain are digital bits of information that hold transaction data, such as the date, time, and transaction price. This increases security.

Another benefit to the sector is the sharing of time-critical events, which will help importers and exporters in Costa Rica access early information and better organize logistic operations.

“Customs of Costa Rica is excited to explore the benefits that blockchain can offer local importers and exporters. Collaborating with an ecosystem that already exists within the TradeLens platform allows us to review this new technology quickly and easily. Making it easier for legitimate international trade with Costa Rica is an important joint goal of this evaluation.” stated Gerardo Bolaños, General Director of Customs.

This kind of technology aims to enhance the process for network members while also modernizing the industry as a whole.

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