Our lives undeniably rely on technology. Without it, the world would grind to a halt. Supply chains couldn’t function. Most jobs would become impossible. Furthermore, technological innovations are a core part of the progression of society. When new products or services become available, in no time it’s hard to imagine life without them.
Yet since technology is such a competitive space, successfully bringing a technological innovation to market can be tough. That’s why entities like The United Nations Centre for Trade Facilitation and Electronic Business (UNCEFACT) are so important.
What is the UN/CEFACT?
UN/CEFACT is a subsidiary of the United Nations Commission for Europe (UNECE) and is a key player within the United Nations Economic and Social Council for setting electronic business standards and trade facilitation recommendations. UN/CEFACT essentially exists to make trade processes more efficient.
This is achieved by simplifying existing trade procedures in any way possible, or completely eradicating unnecessary procedures. A prime example is the flow of information between parties that needs to be efficient, secure, transparent and cost effective.
One part of what the UN/CEFACT does is discover new technology that could improve electronic business standards and trade facilitation recommendations. After thoroughly vetting said technology, UN/CEFACT may determine that their discovery would improve standard and issue a recommendation. Prior examples include standardized layouts for trade documents, a consistent alphabetic code for trade and transport locations and many others.
Blockchain is calling
More recently UN/CEFACT has been exploring the potential of blockchain technology, since it may be able to improve trade facilitation in Europe. Our media partner 4thpillar technologies are involved in an upcoming UN/CEFACT recommendation.
On July 9 UN/CEFACT will be hosting the online workshop: “Towards Global Interoperable Blockchain Infrastructure“. The workshop will explore how companies and governments could use distributed ledger technology to collaborate worldwide. The purpose of the workshop is to highlight the new technology and outline promising use cases like 4thtech which boast improved trust, transparency and efficiency.
At this workshop 4thtech are one of the use cases that will be presented and they will later be featured in the recommendation whitepaper known as UNECE Chain.
What does this mean for 4thtech?
It’s promising to see that 4thtech’s blockchain eDelivery solution is being not just recognised but recommended by an influential entity like UN/CEFACT. One would assume that following this recommendation companies across Europe will begin to trial 4thtech’s solution to discover how it could improve their daily operations.
As such, it’s not too hopeful to view this development as a huge positive for 4thtech – their technology solution has been recognised and soon will be presented by a key driver of electronic business innovation.
What 4thtech will be presenting
4thtech will be outlining their blockchain eDelivery solution and comparing it to the current solution, Connecting Europe Facility (CEF).
CEF requires trust to be established between two public administrations, between which the data is exchanged. 4thtech’s solution removes the need to form trust between two parties by creating a protocol that leverages trust directly from the blockchain. Electronic data is exchanged between blockchain wallets and cryptographic keys are used to authenticate transactions.
The presentation then goes on to outline a number of potential challenges with 4thtech’s solution, such as governance, compliance and interoperability. Each challenge is met with a well prepared solution, which not only positively portrays 4thtech’s eDelivery solution, but also conveys a deep understanding of the market/product needs, illustrating 4thtech is in tune with the demanding requirements that a widely used eDelivery solution would have to meet.
The Daily Chain
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