The Australian arm of "Big Four" auditing firm PwC is working a new solution aimed to boost efficiencies in the country's international trade systems.
Announced Tuesday, PwC Australia is collaborating with the Australian Chamber of Commerce and Industry (ACCI) and the Port of Brisbane for the development of a new platform that utilizes blockchain technology to link supply chain information – in theory eliminating difficulties with traditional methods by, a release states, removing complexity.
Dubbed the Trade Community System, the solution addresses various trade sector "pain points" and incorporates recommendations from the "Inquiry into National Freight and Supply Chain Priorities" report released by the Australian government. The document lists a number of short- to long-term priorities intended to assist development of a supply chain strategy for the country as part of its 2016 Infrastructure Plan.
So far at the proof-of-concept stage, the Trade Community System digital application is being trialled in Brisbane with the ultimate aim of building an "innovative end-to-end supply chain," PwC partner Ben Lannan said.
"[The platform] 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."
According to the release, there has been growth in the trade volume across Australia and that is expected to continue. Currently, approximately 9 million container movements take place at five major ports annually, a number expected to rise to 15 million by 2025.
Roy Cummins, CEO of Port of Brisbane, commented, "It is the right time for industry to initiate a reform and modernisation agenda which will shift the dial for Australia's international business."
Container ship image via Shutterstock