Archives For Blockchain technology

ZIM lines

ZIM, an Israeli container shipping company, has successfully completed a blockchain document exchange pilot for paperless bills of lading using blockchain-based software from Wave to send a document that acknowledged receipt of cargo for shipment.

Wave connects all members of the supply chain to a decentralized network and allows them a direct exchange of files.

During the trial, all participants issued, transferred and received original electronic documents using Wave’s application, which manages ownership of documents on the blockchain to eliminate disputes, forgeries and unnecessary risks.

The containers, shipped by Sparx Logistics from China to Canada, were delivered to the consignees “without a hitch”, reported ZIM in an announcement about its breakthrough.

ZIM said that it is “convinced” that the blockchain technology and the Wave application is “the solution that will drive the trade to the digital era”.

The new blockchain-based system developed by Wave uses distributed ledger technology to ensure that all parties can issue, transfer, endorse and manage shipping and trade related documents through a secure decentralized network.

Wave’s application is free for shippers, Importers and Traders and requires no IT or operational changes.

Source: Port Technology (20 Nov, 2017 )

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Blockchain

T-Mining is currently working on a pilot project that will make container handling in the port of Antwerp more efficient and secure. Using blockchain technology, processes that involve several parties – carriers, terminals, forwarders, hauliers, drivers, shippers etc. – are securely digitised without any central middleman being involved.

Just getting a container from point A to point B frequently involves more than 30 different parties, with an average of 200 interactions between them. Given that many of these interactions are carried out by e-mail, phone and even (still, nowadays) by fax, paperwork accounts for up to half of the cost of container transport.

“We aim to do something about this,” says Nico Wauters, CEO of T-Mining. This Antwerp start-up has developed a solution for a recognised problem in the port. When a container arrives in the port it is collected from the terminal by a truck driver or shipper. To ensure that the right person picks up the right container a PIN code is used. However, the PIN code is transmitted via a number of parties, which of course is not without risk. Somebody with bad intentions can simply copy the PIN code, which naturally can cause great problems.

“We have developed a very secure solution for this,” explains Nico Wauters. “Currently, when we want to transfer a valuable object we generally make use of a trusted intermediary to carry out the transfer. For instance, when you want to sell a house the notary not only carries out all the paperwork but also ensures that the money lands safely in your bank account while the buyer receives full title to the property, without any unpleasant surprises for either party. But this intermediary naturally does not work for free, and furthermore the additional step causes extra delay.”

The blockchain solution overcomes these issues, permitting safer and faster transfer of valuable objects, fully digitally and without a middleman. “With our blockchain platform the right truck driver is given clearance to collect a particular container, without any possibility of the process being intercepted. Furthermore our blockchain platform uses a distributed network, so that the transaction can go ahead only if there is consensus among all participating parties, thus excluding any attempts at fraud or undesired manipulations.”

A pilot project is currently running in the port of Antwerp with a limited number of parties. “We want to test whether it all works smoothly in practice,” says Nico Wauters. “Together with PSA, MSC, a forwarder and a transporter, we ensure secure handling of the first containers on our blockchain platform. Thanks to the City of Antwerp we even have an office in Singapore where we are working hard to introduce our solution there too. Our ambition is to serve the first paying customers by the end of this year,” Nico Wauters concludes. Source: Port of Antwerp

International trading involves many participants all around the globe. These participants may not necessarily have the needed trust of all parties, especially at the initial stages, when newcomers join the trade. Blockchain can provide the needed trust to capture key transaction activities as immutable records, as well as storing and sharing encrypted legal and financial documents.

Visibility of transaction records and documents are tightly controlled by blockchain, permitting sharing only among entrusted and allowed parties. In this demo, IBM demonstrates how blockchain may support such an application.

The blockchain solution being built by the two companies is expected to be made available to the ocean shipping industry later this year, according to a joint statement from International Business Machines Corp and the container unit of A.P. Moller-Maersk. It would help manage and track the paper trail of tens of millions of shipping containers globally by digitizing the supply chain process from end to end.

This will enhance transparency and make the sharing of information among trading partners more secure.

When adopted at scale, the solution based on the Linux Foundation’s open source Hyperledger platform has the potential to save the industry billions of dollars, the companies said.

“Working closely with Maersk for years, we’ve long understood the challenges facing the supply chain and logistics industry and quickly recognized the opportunity for blockchain to provide massive savings when used broadly across the ocean shipping industry ecosystem,” said Bridget van Kralingen, senior vice president, industry platforms, at IBM.

IBM and Maersk intend to work with a network of shippers, freight forwarders, ocean carriers, ports and customs authorities to build the new global trade digitization product, the companies said.

The product is also designed to help reduce or eliminate fraud and errors and minimize the time products spend in the transit and shipping process.

For instance, Maersk found that in 2014, just a simple shipment of refrigerated goods from East Africa to Europe can go through nearly 30 people and organizations, including more than 200 different communications among them.

The new blockchain solution would enable the real-time exchange of original supply chain transactions and documents through a digital infrastructure that connects the participants within the network, according to IBM and Maersk. Source: Reuters