i2i Infinity leading technology innovation for international trade
HGKC client i2i Infinity have today put the first ever EU Certificate of Origin (CO) on a Blockchain, demonstrating their position at the forefront of innovation in international trade software.
Working with Bristol Chamber of Commerce, i2i Infinity set up a pilot project to receive an online application for a CO from Bristol based engineering company Renishaw. Bristol Chamber supported the process by certifying the document using their online e-z Cert service (also developed by i2i Infinity) to enable the digital process to complete. A physical document was produced alongside the blockchain 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.
i2i Managing Director Adam Underwood said:
‘With the UK having agreed to adopt the Union Customs Code (UCC), and with HMRC set to deliver a new customs declaration service to 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, and a further demonstration of i2i Infinity’s position as innovators at the forefront of international trade software’.
A certificate of origin is commonly used by businesses trading internationally, serving as a proof of origin of the goods being shipped. It is known that fraudulent documents have been detected, and whilst the total number is uncertain, there is a recognised problem. The team at i2i Infinity recognised that the immutable nature of blockchain provides an opportunity to use this emerging technology to prevent fraud, as it will effectively be able to guarantee a certificate’s authenticity.
HGKC have been working with i2i Infinity for the last year, helping them review their strategy and look for ways to develop their reputation as innovators. We are really delighted to see Adam and his team leading the way with Blockchain. With the continuing uncertainty over Brexit, we expect i2i Infinity to be playing a significant role in helping the UK transition out of the EU.