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The commercial participants of the Port of Veracruz, Mexico’s main commercial maritime port, will manage customs operations information through a blockchain network.
New Management Model
The initiative, announced September 7 by the Port Community of Veracruz, supports the implementation of a “new management model” based on distributed ledger technologies and is part of the actions steps taken to modernize the port. The decentralized network is expected to be operational by 2019, as it is part of “a vision of the future” for the new Port of Veracruz, “based on modern logistics services, safe and efficient” according to local sources.
According to the official statement, the Port of Veracruz will use a decentralized network for the permanent management of customs records. The project, which brings together all organizations that are part of ‘Veracruz Port Community’ and six other trade associations, aims to take advantage of the benefits offered by digitization and decentralization of a blockchain to order to track real-time data management and streamline customs procedures.
Focusing on the need for immutable tracking of customs records, obtaining data in real time, and reducing operating costs, this initiative could become “a tool for the efficient flow of goods from international trade.” Also, it is supported by the public agency in charge of customs, the Administración General de Aduanas (AGA). This new model can improve the information systems of the entire port community, since, in the generated network, all are witnesses of the transaction, all maintain the same record of the transaction, and nobody can modify the record.
Until now it is unknown which network blockchain will be used by the Veracruz’s customs community. However, it is presumed that it will be a permissioned blockchain, one that is not decentralized like bitcoin or ethereum. Thus far, there is no public link between this initiative and the proposal for a national blockchain promoted by the Mexican central government.
Mexico has shown much interest in adopting blockchain to revolutionize the country’s infrastructure and create a national blockchain network. The project developed by the Estrategia Digital Nacional (EDN), which depends mainly on the Presidency of the Republic, proposes to establish a blockchain network that includes the public, private, and academic sectors.