A global consortium including leading professional services provider Accenture, leading ocean carrier APL, the world’s largest brewer AB InBev, and logistics provider Kuehne + Nagel has successfully tested a shipping solution that replaces up to 70 percent of paperwork through the average container shipping process, with a blockchain used by all relevant participants. The successful results of the trial were announced earlier this month.
The blockchain is shared under a set of single ownership principles tied to the sensitivity of the data and seeks to do away with the document-heavy approach that limits data quality, real-time visibility, and speed of settling related transactions, said the group in a statement.
The blockchain integrated trial was conducted on 12 shipments with varying destinations and regulatory requirements, while the blockchain architecture was developed by Accenture at their Singapore IoT Hub.
Accenture’s Freight & Logistics industry practice lead Adriana Diener-Veinott said, in a statement, “Our trials have proven the viability of a shipping process in which many documents can be replaced by secure and distributed data sharing with clear and defined ownership. This gives companies a significant opportunity to save time and money while improving their service to customers.”
Requirements for data entry using this prototype method can be reduced by up to 80 percent, streamlining the checks required for contraband and national security concerns and will ultimately reduce costs for end consumers of shipped products, said the statement.
Head of Strategic Liner Management at APL, Eddie Ng said, in a statement, “As a facilitator of global trade and strong advocate of innovation, APL sees much potential in blockchain technology to accelerate the digital transformation of the container shipping industry, moving us from traditional paper-based transactions to more efficient, more secure and faster processes along the entire supply chain. ”
Key shipments like automotive, retail, and consumer goods will feel the greatest effect, stated the group, as they are currently required to submit and maintain an average of 20 paper documents throughout the shipping journey.
VP of AB InBev International Logistics, Danillo Figueiredo said, in a statement, “We continually evaluate new technologies and innovations to enhance our operations to meet consumer needs and deliver the freshest beer. Blockchain technology will be transformational to our business and the world. It reduces mistakes, digitizes information and improves the supply chain process so we can focus on our core business of brewing the best beers for consumers.”