PSWC, TradeLens Working Together to Digitize Foreign Trade
Pakistan Single Window Company (PSWC) struck an agreement with TradeLens to digitize foreign trade on Tuesday in Islamabad. A blockchain-based logistics network backed by five of the world’s sixth-largest ocean carriers.
By joining the platform, PSWC is assisting Pakistan Customs in utilizing secure, paperless digital solutions to modernize import and export documentation and enhance oversight of trade-based money laundering.
With the introduction of technology-driven initiatives, Pakistan’s international trade ecosystem is undergoing rapid transformation, according to the company’s release. Authorities realize the potential advantages of digitizing supply chains for increased efficiencies, greater transparency, and data-driven decision-making.
The combination of PSWC and TradeLens will assist Pakistan Customs and other trade regulators in enhancing operational efficiency and adding value via the blockchain platform. The immutability of document information offered by a blockchain is crucial for detecting criminal behavior and facilitating the flow of legitimate transactions.
PSWC is a government project geared toward the transformation of the commercial and industrial ecosystem. This includes a number of small coordinated initiatives to support PSWC’s efforts to transform business processes re-engineering, integrated risk management, ports community systems, the introduction of new technology for trade management, data standardization, and harmonization, and an integrated tariff management system.
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