“Looking ahead to seamless trade between the UK and its other trading partners, the ICC UK believes that lawful use of currently available technology could be a game-changer for both UK customs authorities and traders.”
The Electronic Trade Documents Act 2023 has democratized digitization in the UK’s trading sector. This Act seeks to revolutionize the traditional way of storing and exchanging commercial and other documents related to trade. Facilitating blockchain technology in trade processes along with enabling other integrated technologies such as artificial intelligence, biometrics, and analytics is possible through its provision. It enhances security, streamlines compliance, and produces more flexible and efficient ways of exchanging documents among its peers.