Funded by the Asian Development Bank (ADB), MNW Uses "Trust Powered by Blockchain" to overcome paper-based inefficiencies

TORONTO, ON / ACCESSWIRE / May 21, 2024 / The Mongolia National Chamber of Commerce and Industry (MNCCI) is the authorized entity to issue Certificates Of Origins (COOs) for the Generalized System of Preferences of 37 countries, 6 countries under the Asia-Pacific Trade Agreement (APTA), and the Mongolia-Japan Economic Partnership Agreement (EPA). In case of inconsistencies, business actors need to contact the MNCCI to confirm the COO's authenticity, entailing additional operational costs and delays that defeat the benefits of preferential treatment and increase risk of fraud. A preliminary technical assessment resulted in experimenting with an innovative solution based on Blockchain and Distributed Ledger Technology (DLT) technologies funded by the ADB Digital Learning Labs (Asian Development Bank) and in coordination with ADB East Asia Department (EARD).

The selection criteria were stringent and clear: the chosen solution had to embody innovation, harnessing and leveraging cutting-edge technology to ensure security, efficiency, and authenticity, all while being adaptable to accommodate the expanding requirements and scalability of MNCCI's growing needs. Morpheus.Network was selected for their expertise and offerings in blockchain-based services and solutions. From April to November 2023, they successfully delivered a Minimum Viable Product (MVP), facilitating the digitization, tracking, and management of COOs' digital footprints on the Blockchain.

This approach not only promises to overcome paper-based inefficiencies, but also to provide an immutable record and authenticity of COOs, enhancing security and trust among all stakeholders, "Trust Powered by Blockchain''. The solution was developed to integrate seamlessly with MNCCI's existing system, ensuring a smooth transition and minimal disruption to their operations.

Navigating the complexity of integrating blockchain technology into the established infrastructure posed challenges, yet the Morpheus.Network team adeptly delivered the solution within the designated timeframe and budget, solidifying their reputation for professionalism and expertise. Their adept problem-solving abilities, responsiveness to MNCCI's and ADB Digital Learning Lab requirements, and capacity to adapt to obstacles were remarkable. MNCCI's has a strong interest in continuing to integrate and expand the solution through partnerships with international donor organizations.

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SOURCE: Morpheus.Network

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