Since then, all the important documents are on blockchain
According to a recent article published by the shipping news publication TradeWinds, the leading Israeli shipping company Zim has recently opened its own blockchain platform electronic bills of lading for all its customers. Zim employees have been testing their blockchain based platform for over a year. However, the result was that this project could not only replace the existing paper processes of the company, but also improve the daily workflow of data processing. The aforementioned TradeWinds report clearly states that the shipping giant was able to carry out two major financial transactions in less than two hours using its blockchain platform. This is quite a significant advance, as it usually takes several days or even weeks to process the above transactions.
It should be noted that in the framework of the new experiment Zim technology will now be available to clients of the firm based in such regions as Asia, South Africa, North America, as well as some other Mediterranean regions during the first quarter of 2019. In a recent speech, Zim’s IT Director, Eyal Ben-Amram, said that all these developments are part of his company’s digitization strategy, which aims to provide maximum transaction transparency for all its clients.
Documents on blockchain
In the continuation of use of documents on the blockchain, Port Montreal together with IBM and the Danish shipping company A.P. Moller-Maersk Group created TradeLens platform. The purpose of this cooperation is to optimize cargo transportation using the blockchain platform mainly implies the elimination of a huge number of paper documents arising during transportation products and their digitization. According to experts, the platform will increase the speed of information and documentation exchange between partners in the supply chain. The platform will be especially useful for shippers, freight forwarders, logistics workers and shipping corporations. About 200 million events are entered into the system, for example, information about the arrival time of ships, as well as data of customs declarations, bills of lading and commercial invoices. The number of such documentation is increasing at a rate of about one million events a day. And as a result, companies must exchange papers by email or by courier.
According to Peter Levesque, CEO of the project, Tradelens uses blockchain technology to create an industry standard for secure digitization and transfer of supply chain documents to the whole world. He believes that this initiative will increase profits for their industry, as well as secure the global supply chain. He assured that the companies are happy to participate as a testing network of this exciting innovation in the shipping industry. By the way, apart the Canadian Border Services Agency (CBSA) ninety more ports around the world, including Australia and the Netherlands will take part in testing the project. According to experts, the only problem can be the lack of competition for such a platform, which hinders the process of development of the platform.