PricewaterhouseCoopers (PwC), a “Big Four” accounting firm has its Australian branch running a new program designed to increase efficiencies in the country’s international trade systems.
PwC Australia, partnering with the Australian Chamber of Commerce and Industry (ACCI) and the Port of Brisbane, is developing a new system that uses blockchain technology to connect supply chain information. This will simplify the procedure and remove problems associated with traditional methods, a press release stated.
According to a report from the Australian government, the solution, called the Trade Community System, resolves “pain points” from the different business sectors and integrates advice from the “Inquiry into National Freight and Supply Chain Priorities“. A number of short- to long-term priorities for supply chain strategy development are indexed as a component of its 2016 Infrastructure Plan.
The Trade Community System digital application is being tried out in Brisbane, at the proof-of-concept stage, with the main goal of erecting an “innovative end-to-end supply chain,” PwC partner Ben Lannan said.
He went on:
“[The platform] will digitize 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.”
Presently, there are approximately 9 million containers going through five major ports every year. With the report stating that the business volume across Australia is continuously expanding, the container flow is expected to go up to fifteen million by 2025.
CEO of Port of Brisbane Roy Cummins remarked, “it is the right time for the industry to initiate a reform and modernization agenda which will shift the dial for Australia’s international business.”