The USAID-funded Feed the Future Bangladesh Trade Activity has brought awareness to 20 customs officials on the potential that blockchain technology can have on customs processes in the National Board of Revenue (NBR) in a training session held at the hotel Holiday Inn on Thursday.
The session was facilitated by the chief of the Blockchain Academy for Research, Education and Development Khondkar Atique E Rabbani, reads a press release.
The training introduced officials to the use of blockchain for improving compliance, trade facilitation and financial crime detection in customs procedures.
The power of blockchain could have a great impact on Customs' day-to-day operations. In collaboration with the private sector-driven initiatives to enhance the traceability and connectivity of supply chains, Customs could have a broader and clearer picture of international trade, particularly in terms of the movement of cargoes and consignments as being tied with the flow of capital.
Attendees increased their understanding of the potential of blockchain for Customs, while China, Singapore and other countries are piloting the application under WCO guidelines.
If the National Board of Revenue (NBR) establishes blockchain technology in Customs procedures, it will reduce the time and cost of cross-border trade in Bangladesh. The training materials will be placed in the Customs, Excise & VAT Training Academy's library for future training programs.
The Feed the Future Bangladesh Trade Activity supports Bangladesh to bolster economic growth and food security by improving trade facilitation, enhancing market access and improving the business-enabling market.
The Activity provides technical assistance, training, institutional strengthening, and other direct support to the Government of Bangladesh and non-governmental partners. It also promotes greater collaboration among the government, private sector and civil society organizations.
