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Decree 1492 in Peru could open the door to Blockchain technology in Inca ports

With the use of Blockchain technology on the rise and the bureaucratic problems inherent in traditional processes in many Latin American countries, a trend towards digitization and traceability in the block chain is becoming more viable in those countries that are likely to overcome their current barriers.

If we add to this the difficult times the planet has experienced due to the ’new reality‘ imposed from China with the COVID-19, it is not surprising that digital solutions are the norm of the day.

In this sense, the step taken by the government of Peru with its decree 1492 -which coincides with an emblematic date for the continent- on the provisions necessary for 100% of foreign trade procedures to be virtual, is undoubtedly a giant step for the modernization so necessary in a booming economy.

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According to the decree sanctioned by the Inca legislature on May 9, 2020, the government focuses on the approval of „provisions for the reactivation, continuity and efficiency of operations linked to the foreign trade logistics chain.

According to the official bulletin, the main objective of the document is that all foreign trade procedures in Peru are 100 percent virtual, as well as more transparent, thus improving the efficiency of the logistics chain in the national territory.

In this sense, the Mincetur – Ministry of Foreign Trade and Tourism of Peru – has emphasized that the provision also seeks to streamline the traditional bureaucratic procedures of customs clearance, which „travel to various parts of the city to collect signatures, visas and make payments,“ in addition to significantly influence the health of thousands of workers in times of coronavirus, exposed to infection by crowding and extending the time of release of cargo.

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Therefore, the imperative need for a change in the traditional paperwork processes that generate high costs, health risks and operational delays, is a step certainly towards modernization that should be seen in a positive light.

Blockchain technology a great ally
In order to achieve an efficient management for the Peruvian state and avoid undesirable exposures due to possible interference in contractual ties with third parties with international status, the use of the chain of blocks would undoubtedly be a great ally to generate not only the necessary confidence required in this type of case, but also a technological leap that cannot be postponed and is appropriate to the new times as can be seen in other latitudes with the use of Blockchain technology.

Its use would undoubtedly allow a fundamental link of trust, transparency and immutability so necessary in these times and especially in Latin America, where corruption is the order of the day.

According to the official document of the Peruvian state, the digitalization of all processes linked to the logistic chain will be carried out progressively. In that sense, Mincetur has pointed out to an important local shipping environment that an IT platform for the use of the private sector will be set up while digitalization is taking place.

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An announcement that undoubtedly opens the doors to blockchain technology for its efficient use, in a great step to boost the economy of ports in the Inca region.