i2i Infinity put the first ever EU Certificate of Origin on a Blockchain.
In May 2018, the initial pilot project received an online application for an EC certificate of origin from Bristol based engineering business, Renishaw plc, and added the digitally received data to the CO BLOCKCHAIN, which has been developed and run by South West bases software development company, i2i Infinity Ltd.
Bristol Chamber of Commerce supported the process by certifying the document using their online e-z Cert service, which enabled the digital process to complete. A physical document was produced alongside the blockchain in order to be compliant with existing regulations, but this document is unique and has a QR Barcode that links to the CO BLOCKCHAIN and the digital proof of certification.
The CO BLOCKCHAIN has been developed by i2i Infinity using Ethereum infrastructure, it has a verification website that validates the certificate on the blockchain and displays the ledger records. i2i Infinity is looking to further develop the solution using Hyperledger Fabric, which will enhance the solution and align the technology development with businesses like IBM & Mearsk.
A certificate of origin is a commonly used document by businesses trading internationally, and is used as a proof of origin of the goods being shipped. It is known that fraudulent documents have been detected within the supply chain and although the total figure is uncertain, there is certainly a problem with this type of fraud. This emerging technology will prevent fraud and guarantee a certificates authenticity against the immutable blockchain.
i2i Managing Director Adam Underwood said: With the United Kingdom having agreed to adopt the Union Customs Code (UCC), and HMRC set to deliver a new customs declaration service which will implement the rules of the UCC, digitised trade is a key requirement, this pilot is a demonstration of the UK’s ability to lead technology for international trade.