Mumbai: The Customs department is embarking on taking the advantage of blockchain technology, according to official. Blockchain can be used in other areas like Customs too, said Ramesh Chander, Commissioner of Customs in Mumbai. It is largely an untapped area, he said. In a paper prepared by Indian customs at WCO’s meet, it pointed out that the blockchain technology could be leveraged by Customs and other relevant agencies in improving their business process and effectively tackling frauds/crimes.
The paper pointed out that this technology will improve efficiencies in the supply chain by reducing intermediaries and paper/manual task; and also improve predictability based on real-time data.
Customs are suggesting use of the technology in Customs declaration; inter-agency cooperation: exchange of information; electronic certification/verification of regulatory requirements; identity management; revenue collection; compliance management etc.
