11th World Chambers Congress

  Published on 19 June, 2019

11th World Chambers Congress

  Published on 19 June, 2019

11th World Chambers Congress

  Published on 19 June, 2019

11th World Chambers Congress

  Published on 19 June, 2019

Everything You Wanted to Know About Blockchain

Held only every two years, the 11th World Chambers Congress took place last week in Rio de Janeiro. It is an international forum where chamber leaders and professionals exchange insights, address the latest business issues and learn about new areas of innovation from chambers around the world.

VCC was there to share about our eCO, a blockchain-based solution, with chambers around the world. Although blockchain technology is not considered new, there were still people who were unsure of what exactly is blockchain and how can it be applied to their business. “What is blockchain?” and “how does it help with the issuance of eCO?” were frequent questions we got from visitors at our booth.

Mr Desmond Tay, our CEO, had the opportunity to speak at the workshop session and he covered the hot topic – blockchain. To explain what is blockchain, Mr Tay quoted Satoshi Nakamoto, “We have proposed a system for electronic transactions without relying on trust.” Blockchain databases consist of several decentralised nodes, the consensus mechanism guarantees a secured network and because it is verifiable by the public, it enables integrity and transparency. The immutable property of the blockchain technology makes it the ideal technology to support our electronic Certificate of Origin (eCO) solution. Using blockchain, this solution can help prevent forgery and fraud caused by misuse or illegitimate alteration on a paper-based certificate of origin, therefore increasing the quality of the eCO issued.

Mr Desmond Tay, Chief Executive Officer of VCC, introducing VCC and explaining what is blockchain to a visitor at VCC’s booth

Mr Desmond Tay, Chief Executive Officer of VCC, with Ms Emmanuelle Ganne, Senior Analyst of the World Trade Organization