Historically, the process of verifying the authenticity of COOs has been fraught with inefficiencies. Businesses have frequently faced inconsistencies, requiring direct verification with the MNCCI—a process that introduces additional costs and delays, thereby diminishing the benefits of preferential trade arrangements and increasing the risk of fraud.
Addressing these issues directly, the MNCCI, with funding from the Asian Development Bank’s (ADB) Digital Learning Labs and in collaboration with ADB’s East Asia Department (EARD), embarked on an ambitious exploration of blockchain technology. The initiative required a solution that was innovative while ensuring security, efficiency, and scalability.
Morpheus.Network emerged as the partner of choice, bringing its expertise in blockchain services to the table. From April to November 2023, Morpheus.Network successfully developed a Minimum Viable Product (MVP) that digitises, tracks, and manages the digital footprints of COOs on the blockchain. This approach is set to eliminate the inefficiencies of paper-based systems, providing an immutable record of authenticity and enhancing security and trust among all stakeholders.
The blockchain solution, branded as “Trust Powered by Blockchain,” integrates seamlessly with MNCCI’s existing systems, ensuring a smooth transition and minimal operational disruption. Despite the inherent complexities of incorporating such advanced technology into established frameworks, Morpheus.Network delivered the project within the stipulated timeframe and budget. Their problem-solving acumen, responsiveness to MNCCI and ADB requirements, and ability to overcome challenges were particularly commendable.
Looking forward, MNCCI is intent on expanding this solution through partnerships with international donor organisations, reaffirming its commitment to leveraging cutting-edge technology to enhance transparency and efficiency in international trade.
