In recent years, probably the most talked-about promising technology is 'blockchain', which has primarily been linked to cryptocurrencies. But this technology has the potential to revolutionise a variety of industries, including finance and trade.  

On 15 October, the Finance Ministry's Central Board of Indirect Taxes and Customs (CBIC) began a prototype Electronic Cargo Tracking System(ECTS) initiative based on blockchain technology. The initiative seeks to achieve secure container documentation and GPS-based tracking.  

According to a recent tweet from Prasar Bharati News Services (PBNS), CBIC India “explores new frontiers for promoting #DigitalIndia by adopting blockchain for tracking movement of containers to a bonded warehouse”.  This warehouse is located in Delhi Customs' Inland Container Depot or ICD Tughlakabad Import Commissionerate. 

It was reported that the Finance Ministry has cooperated with the Asian Development Bank for this initiative.  The International Chamber of Commerce's 2020 Global Trade Survey found that the Covid-19 pandemic caused lockdowns and working from home are hastening the migration to digital commerce solutions, such as Blockchain.  

It noted that 44 per cent of surveyed banks said that as they aim to assure future growth, technologies like Blockchain, digital trade, and online trading platforms are important areas of development and strategic focus in the near term. More than half of those polled agreed that a growing number of document types used in trade might be digital.