CargoSmart Limited is working with one of the largest shipping companies in the world (CISCO Shipping Lines) as part of a Shipping Blockchain pilot project. The aim is to make sea freight data and delivery status visible at any time.
Blockchain technology allows the automatic transfer of information that cannot be changed afterward. CargoSmart writes sea freight data to the blockchain, which enables trading partners to view the delivery status at any time and independently. According to the company, measurable successes have already been achieved in the processing time of shipments.
If you want to find more about the results of the blockchain pilot project initiated by CargoSmart Limited, and to read the latest financial headlines download our companion app, Born2Invest.
Blockchain pilot project offers real-time exchange of shipment data in the shipping industry
This is one of the first pilot projects in which an ocean freight operator carries out a real-time exchange of shipment data with a terminal operator via blockchain.
The pilot project has proven that the cooperation model between shipping companies and terminal operators is capable of creating advantages for the parties involved along the global supply chain. It is expected that the cargo release application will further promote data exchange between carriers and terminal operators and streamline operations.
Cargo Smart and the eTradeConnect platform launched in October 2018 have successfully completed the proof-of-concept provided by PwC. The project also involves financial institutions such as the Bank of China, Bank of East Asia, HSBS and Standard Chartered Bank.
Results are satisfactory so far
According to a project developer of the Shanghai International Port Group (SIPG), the results so far are satisfactory and show that blockchain has a high potential in terms of logistics and delivery.
“The pilot project is a key component on our way to paperless, trustworthy and seamless trading processes in the port of Shanghai. It demonstrates advantages for using blockchain for supply chains around the world,” said Henry Huang, Executive DGM of Operation & Business Department at SIPG.
Tesla in the game
With partners such as Cisco and Tesla, CargoSmart now plans to establish a DLT consortium specializing in global supply chains. As part of the pilot project, the car manufacturer Tesla has had access to the secure and trustworthy platform of CISCO Shipping Lines and SIPG since December 2019. The car manufacturer uses the new blockchain application for the import of car parts, which are used in its Giga factory in Shanghai.
The “Global Shipping Business Network”, GSBN for short, is pursuing various expansion plans. Among others, it has planned to include the ports of Shanghai and Qingdao in China and the Laem Chabang pier in Thailand in the project. Blockchain technology is currently being tested by many companies in the logistics sector and is becoming an increasingly exciting topic in the handling of deliveries as well as in transport.
The companies GSBN and CargoSmart
The proposed Global Shipping Business Network (GSBN) is intended to provide a platform for all participants in shipping and supply chain management to jointly accelerate the digital transformation of the shipping industry.
CargoSmart provides an approach to developing innovative solutions for transport and logistics teams through technologies such as AI (Artificial Intelligence), the Internet of Things or Blockchain. The Hong Kong-based company was founded in 2000 and has reportedly helped 160,000 customers improve delivery reliability and reduce transportation costs.
Blockchain technology in the automotive industry
Only recently, the Bavarian carmaker BMW implemented a blockchain pilot project in the logistics sector and announced that it would expand the project to include additional suppliers in 2020.
Toyota also wants to rely on Blockchain as part of its future planned mobility offering. The company is currently developing a mobility solution in a Blockchain Lab to offer customers a platform for various transport options.
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First published in CRYPTO VALLEY JOURNAL, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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