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.”
- FED Chairman Offers Lukewarm Response On Impact, Utility Of Existing Cryptocurrencies - July 20, 2018
- Boeing Brings In SparkCognition For Help Developing UAV Management Systems - July 19, 2018
- Nervos Network Nets Nearly $30 Million To Build Hybrid Blockchain Platform For Enterprise - July 19, 2018
- Chinese Blockchain Companies Continue To Flourish, If Only In Name - July 18, 2018
- G20 Report Outlines International Collaboration On Standards For Crypto-Assets - July 17, 2018
- Hong Kong Readies Regulator-Backed Trade Finance Platform - July 17, 2018
- RMB to BTC Trading Falls To 1%. Is China Really Out Of The Crypto Game? - July 16, 2018
- Chinese Internet Trends May Spell Trouble For “Disruptive” Crypto Payments - July 13, 2018
- LINE Plans July Cryptocurrency Exchange Launch - July 3, 2018
- McAfee Labs Report 6x Increase in Crypto Mining Malware Incidents in Q1 2018 - June 29, 2018
- Facebook Updates Policy To Allow Vetted Crypto Businesses to Advertise, ICOs Still Banned - June 27, 2018
- Following in Vitalik’s Footsteps? Polkadot’s Habermeier Awarded Thiel Fellowship - June 26, 2018
- SingularityNET and Project Shivom Using AI on Genomic Data to Extend Human Life - June 26, 2018
- Microsoft & EY partner for Royalty Distribution in Gaming - June 26, 2018
- ABBC Foundation to Airdrop ABBC Tokens to First 500,000 Wallet Users - June 25, 2018
- Care Records of up to 30 Million UK NHS Patients go on Blockchain - June 25, 2018
- PundiX Signs UTRUST as Liquidity Clearing Provider for Crypto POS Hardware - June 22, 2018
- Blockchain on the Ballot: Indie Party Candidate Joins Texas Senate Race - June 21, 2018
- IONChain Aims to Challenge IOTA on a Chinese Battleground - June 19, 2018
- Takeaways From SEC Director’s Comments on Cryptocurrencies and Securities - June 19, 2018