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Sunday, February 5, 2023

OriginBX Alliance Forms at OASIS Open to Define Digital Standards for Global Tax and Trade Compliance

OASIS Open announced the formation of OriginBX OASIS, an international movement to advance open source product and trade data standards for facilitating digital tax and trade attestations. The OriginBX OASIS message sets will be interoperable among legacy systems and blockchain platforms.

OriginBX OASIS is led by a global alliance of organizations and is governed and supported by the OASIS Open nonprofit consortium, home of Ethereum OASIS, the Baseline Protocol, SAML, UBL, ebXML, and many other globally recognized standards. Everyone is invited to participate technically in the open source community that will be defining OriginBX OASIS standards. 

“With the recent G7 announcement on digital trade standards and more stringent country of origin legislation looming, the timing for OriginBX OASIS couldn’t be better. Digital standards for product attributes will radically simplify the determination, record keeping and verification of trade attestations made to customs authorities,” explained Todd R. Smith of KYG.Trade, chair of the OriginBX OASIS Governing Board. “Providing and obtaining information about a good via email and attachments to determine and support HTS code, country of origin, free trade agreement, forced labor, traceability, sustainability and ESG attestations takes weeks, is archaic, redundant and costly.  All parties in the trade compliance, SESG, and enforcement ecosystem will use OriginBX OASIS digital standards to quickly and efficiently obtain information on the raw materials and components of manufactured goods involving complex multi-tier supply chains.”

Melanie Cutlan, Blockchain and Multi-Party Systems Co-Lead at Accenture said: “Streamlining global trade compliance has emerged as a compelling use case for blockchain-enabled transformation. Businesses in different Industries, however, can only tap into this value by first establishing standards by which we all classify and certify goods and services.  We are excited to join OriginBX and the other leading companies in this consortium to do just that, to create a foundation on which tomorrow’s multiparty systems can simplify and restructure the way our clients think about this key process.”

OriginBX OASIS is governed and supported as an OASIS Open Project. OriginBX OASIS Founding Sponsors include Accenture, Amazon, CompTIA, the Global Trade Professionals Association (GTPA), Inveniam, KYG.Trade, Origin Experts, Skuchain, Thomson Reuters, and others.

Read more at OASIS Open

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