Costa Rica Customs Adopts Blockchain Technology

Blockchain is a kind of software that uses digital technology to create a digital ledger for data and register activities by clustering them into timestamped blocks. The Costa Rican Customs Authority has approved such a solution, which will incorporate a blockchain-based platform and utilize it to examine containerized shipping activities and shipping papers, such as bills of arrival. TradeLens is the firm that offered the solution.

Major data may now be digitally captured in particular data sections in transportation papers thanks to modern technologies. The objectives are due to two factors: To facilitate commerce for conforming businesses doing commerce in the nation while also aiding in the detection of malicious activity. Data may be stored in a safe digital way using the blockchain technique. This gives you real-time data about trades between multiple parties in documents that you can’t change.

The “blocks” on the blockchain are built up of digital bits of data that hold data about trades, such as the date, time, and trades costs. This increases safety. Another benefit to the sector is the distribution of time-critical occurrences, which will help buyers and sellers in Costa Rica to have access to timely data and better organize logistics process.

“Customs of Costa Rica is eager to discover the advantages that blockchain can offer domestic importers and exporters,” stated Gerardo Bolaos, General Director of Customs, in a media release. “We can quickly and effectively evaluate this new technology by partnering with an environment that already persists inside the TradeLens network. An essential common purpose of this review is to make genuine international commerce with Costa Rica simpler.”

This kind of technology aims to enhance the workflow for network members while also modernizing the industry as a whole.