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MarEx

2018-03-17 22:33:31 A consortium comprising AB InBev, Accenture, APL, Kuehne + Nagel and a European customs organization has successfully tested a blockchain solution designed to eliminate the need for printed shipping documents and save the freight and logistics industry hundreds of millions of dollars annually.  
The consortium tested a solution where documents are no longer exchanged physically or digitally but instead, the relevant data is shared and distributed using blockchain technology.

An international shipment of goods for companies in areas such as the automotive, retail or consumer goods industries typically requires more than 20 different documents, many of which are often paper-based, to enable the goods to move from exporter to importer. Across these documents, up to 70 percent of the data can be replicated. 
  
Blockchain is a new type of distributed database system that maintains and records data in a way that allows multiple stakeholders to confidently and securely share access to the same information.

The technology is poised to revolutionize operations across a multitude of sectors, such as financial services, government, healthcare, entertainment and freight and logistics. The consortium collaborated to test 12 real shipments, with various destinations, each with different regulatory requirements.

Each organization involved in the trials typified a particular stakeholder in the shipping process: AB InBev represented a typical exporter; APL contributed its role as a shipping organization; Kuehne + Nagel provided direction on the requirements for a freight forwarder and a European customs organization replicated the regulatory requirements that cargo faces. Accenture provided the technological and consulting expertise on the blockchain technology and developed the technical architecture required to support a blockchain solution, leveraging the capabilities of its Singapore Internet of Things practice to rapidly build the prototype.

“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,” said Eddie Ng, head of Strategic Liner Management at APL.  Accenture and DHL recently released a trend report on blockchain technology’s potential to transform the logistics industry. Global supply chains are notoriously complex, with a diverse set of stakeholders, varying interests, and many third-party intermediaries – challenges that blockchain is well suited to address. Read more from maritime-executive.com…

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