Spotlight Growth
No Result
View All Result
Saturday, February 4, 2023
  • Home
  • News
    • Bio/Med/Pharma
    • Cannabis
    • Commodities
    • Consumer Goods
    • Crowdfunding
    • Cryptocurrency
    • Crypto Cheat Sheets
    • Earnings
    • Entertainment
    • Financials
    • Market News
    • Opinion
    • Politics
    • Technology
    • Venture Capital/Private Equity (VC/PE)
  • Video
  • Stock and Crypto Screener
  • Home
  • News
    • Bio/Med/Pharma
    • Cannabis
    • Commodities
    • Consumer Goods
    • Crowdfunding
    • Cryptocurrency
    • Crypto Cheat Sheets
    • Earnings
    • Entertainment
    • Financials
    • Market News
    • Opinion
    • Politics
    • Technology
    • Venture Capital/Private Equity (VC/PE)
  • Video
  • Stock and Crypto Screener
No Result
View All Result
No Result
View All Result
Home Cryptocurrency

U.S. Customs and Border Protection Agency Testing Blockchain Solutions

by admin
September 4, 2018
in Cryptocurrency, Technology
0
US Customs and Border Protection Agency To Utilize Blockchain Technology News

US Customs and Border Protection Agency To Utilize Blockchain Technology News

The cryptocurrency industry is in a state of constant flux due to sparse governmental regulations. Financial regulators are hesitant to jump into a field that they don’t understand and their research process moves at a snail’s pace – particularly for an industry that thrives on rapid progress. However, other areas of the government are actively looking to incorporate blockchain technology to streamline their own processes. The United States Customs and Border Protection Agency recently announced that they were exploring options to easily validate international shipments.

The announcement was made at this year’s Trade Symposium, but the project already appears to be well into development. In their own terms, the system is entering a ‘live fire’ proof-of-concept phase that will include initial testing. Compared to some private blockchain projects, the scope of the CBP’s system is manageable and reasonable – which allows for more rapid deployment.

U.S. Border Patrol and the Global Supply Chain

The issue U.S. Customs intends to fix is the process of shipment validation. Currently, the process is labor intensive, requires multiple steps, and assistance from other agencies in order to process the large amount of potentially fraudulent items, documents, etc. Items that pass through international customs require manifests and paperwork that can theoretically be falsified – where as a blockchain system can be verified at each step of the shipment. Should the shipment deviate from the original manifest, U.S. Customs can track it back through a timeline of validations and determine the malefactor.

Blockchain is perfect for this, as the third-party validation inherent in a distributed ledger prevents a single entity from falsifying records. While it doesn’t prevent theft of goods or intellectual property, it does simplify the paperwork process for the agency and free up valuable resources for other forms of enforcement.  Records and certifications can easily be attached to the validation documents, allowing agents to easily call up critical information.

Blockchain and Government Initiatives

U.S. Customs is not the first governmental agency to consider the advantages of blockchain technology. While the U.S. government is only beginning to enter the blockchain space, other nations are eagerly adopting the emerging technology. The Republic of Georgia uses the Bitcoin blockchain itself to secure land titles, while Australia has a program that is similar in scope to that of the U.S. Customs project.

Private enterprise Horizon State focuses solely on producing blockchain systems for voting. Their pilot program is taking place in Singapore, aimed at securing the voting process against fraud and corruption. Ultimately, blockchain technology holds the potential to vastly streamline many government processes – most of which are paperwork and labor intensive. This would make government services more efficient, and in turn create greater value for the average citizen.

Article By: Adam Stone

Tags: Bitcoinblockchainblockchain adoptionblockchain newsblockchain technologyborder patrolcryptoCryptocurrencycustomsdigital currencyEthereumexportsfighting fraudgovernmentgovernment agencygovernment regulationsimportslaw enforcementnewspaperworkshippingSpotlight GrowthSpotlight Growth StockstechTechnologyUS Border Protection AgencyUS Customs
  • Trending
  • Comments
  • Latest
Asure Software NASDAQ ASUR Human Capital Management HCM Industry Spotlight Growth

Asure Software (NASDAQ: ASUR) is Expanding to Meet the Rising Demand for Human Capital Management Software

September 27, 2022
OLB Group NASDAQ OLB Cuentas NASDAQ CUEN Partnership Fintech Spotlight Growth

OLB Group (NASDAQ: OLB) and Cuentas (NASDAQ: CUEN) Team Up to Bring Fintech Solutions to Over 32,000 Bodegas Across the United States

October 6, 2022
Siyata Mobile NASDAQ SYTA SYTAW SD7 VK7 Purchase Orders Spotlight Growth

New Purchase Orders for SD7 Rugged Device, VK7, and Other Accessories Boost Siyata Mobile’s Outlook (NASDAQ: SYTA)

December 14, 2021
Telcoin TEL Crypto Spotlight Growth

Telcoin (TEL) Quietly Leads a Crypto Remittance Revolution

June 15, 2021
Cybersecurity Stocks Coming Into Focus Amid High-Profile Attacks

Cybersecurity Stocks Coming Into Focus Amid High-Profile Attacks

0
Safe-T SFET NASDAQ UN Presentation

Safe-T (NASDAQ: SFET) Has Been Selected to Present at the United Nations’ Office of Information and Communications Technology Event

0
Safe-T Group SFET Q4 FY 2020 Financial Results

Safe-T Group (NASDAQ: SFET) Reports Fourth Quarter and Full Year 2020 Financial Results

0
Safe-T Group NASDAQ SFET FY 2020 Prelim

Safe-T Group Ltd. (NASDAQ: SFET) Estimates Record-High Annual Revenues of Approximately $4.9 Million Representing ~50% Growth YoY 2020

0
Can the AI Boom Rebuild Investor Enthusiasm for Upstart Holdings NASDAQ UPST Spotlight Growth

Can the AI Boom Rebuild Investor Enthusiasm for Upstart Holdings (NASDAQ: UPST)?

February 3, 2023
Nerdy NYSE NRDY New AI Products Lesson Plan Creator Chat Tutor Spotlight Growth

Nerdy (NYSE: NRDY) Unveils New AI Tools for Lesson Plan Creation and Chat Tutoring

February 3, 2023
Elys Game Technology Corp NASDAQ ELYS Completes Acquisition of Engage IT Services Spotlight Growth

Elys Game Technology Corp (NASDAQ: ELYS) Completes Acquisition of Engage IT Services, a Software Engineering and IT Development Company

February 2, 2023
Tenax Therapeutics NASDAQ TENX US Patent Levosimendan PH-HFpEF Spotlight Growth

Tenax Therapeutics (NASDAQ: TENX) Granted U.S. Patent for IV Levosimendan for Pulmonary Hypertension with Heart Failure and Preserved Ejection Fraction (PH-HFpEF)

February 2, 2023
ADVERTISEMENT

Recent News

Can the AI Boom Rebuild Investor Enthusiasm for Upstart Holdings NASDAQ UPST Spotlight Growth

Can the AI Boom Rebuild Investor Enthusiasm for Upstart Holdings (NASDAQ: UPST)?

February 3, 2023
Nerdy NYSE NRDY New AI Products Lesson Plan Creator Chat Tutor Spotlight Growth

Nerdy (NYSE: NRDY) Unveils New AI Tools for Lesson Plan Creation and Chat Tutoring

February 3, 2023

Categories

  • Bio/Med/Pharma
  • Cannabis
  • Commodities
  • Consumer Goods
  • Crowdfunding
  • Crypto Cheat Sheets
  • Cryptocurrency
  • Earnings
  • Education
  • Entertainment
  • Financials
  • Market News
  • Opinion
  • Politics
  • Real Estate
  • Split Watch
  • Sponsored
  • Store
  • Technology
  • Uncategorized
  • Venture Capital/Private Equity (VC/PE)

Site Navigation

  • Disclosures
  • Terms Of Service
  • Privacy Policy
  • Contact Us

Copyright © 2017-2022 Spotlight Growth. All Right Reserved. Designed by Cool Cat Interactive.

No Result
View All Result
  • Home
  • News
    • Bio/Med/Pharma
    • Cannabis
    • Commodities
    • Consumer Goods
    • Crowdfunding
    • Cryptocurrency
    • Crypto Cheat Sheets
    • Earnings
    • Entertainment
    • Financials
    • Market News
    • Opinion
    • Politics
    • Technology
    • Venture Capital/Private Equity (VC/PE)
  • Video
  • Stock and Crypto Screener

Copyright © 2017-2022 Spotlight Growth. All Right Reserved. Designed by Cool Cat Interactive.

Newsletter Signup

Subscribe to our weekly newsletter below and never miss the latest small/micro-cap analysis and investment news from Spotlight Growth.

Enter your email address

Thanks, I’m not interested