Blockticity Launches Custom Avalanche Layer-1 Blockchain Network with AvaCloud
Blockticity, a platform utilizing blockchain and AI technology to secure trade documents, has recently announced the launch of a custom Avalanche Layer-1 blockchain network in collaboration with AvaCloud. This strategic move by the company involved the migration of 45,000 existing Certificates of Authenticity (COAs) from the Avalanche C-Chain to the new mainnet, along with the minting of 700,000 new COAs. Collectively, these authenticated documents represent a value exceeding $1.2 billion in goods.
Enhancing Trade Security and Compliance
In light of the increasing regulatory scrutiny on global trade by agencies like the U.S. Customs and international authorities, Blockticity’s digital COAs play a crucial role in ensuring security and compliance. These COAs are equipped with metadata and verification features, offering a more secure and automated alternative to traditional PDF certificates. This shift enables easier auditability and streamlines the trade documentation process.
Meeting Industry Standards and Regulatory Requirements
Blockticity’s COAs adhere to ASTM blockchain standards (D8558) and fulfill the documentation criteria set by regulatory bodies such as the U.S. Customs and Border Protection (CBP) and the European Union Deforestation Regulation (EUDR). By incorporating tamper-evident records, the platform ensures cross-border compliance and authenticity of trade documents.
Benefits of Avalanche Layer-1 Network
The transition to a dedicated Avalanche Layer-1 network offers several advantages to Blockticity and its users. These include validator-based security, predictable gas fees, and compatibility with stablecoins. These features are designed to facilitate the adoption of blockchain-based trade documentation on an enterprise scale, reducing operational complexities and expediting transaction settlements.
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