Bitseven.com – IBM announced completing of blockchain technology test for tracking cargo deliveries. Pacific International Lines and IBM Blockchain started using an electronic bill of lading, an invoice that helps shippers track a product from factory to warehouse, that is connected to blockchain.
IBM notes that the pilot project was very successful, adding that 3,000 fresh tangerines from Hupco company arrived from China to Singapore ahead of schedule, which provided sufficient supply to celebrate the Lunar New Year.
“Companies delivering perishable products, tangerines for example, are in need for effective document processing and very fast delivery, which in turn lowers risks for retailers and provides consumers with fresh goods” – commented IBM spokesman.
Blockchain technology integration significantly lowered execution time to just seconds for administrative processes, which usually takes 5-7 days. Besides, whole shipment process became much more simple and transparent with significant saving of funds, told CEO of Hupco.
Hupco noted several other benefits of using an electronic bill of lading, including reducing operating costs, protecting documents from unauthorized access and preventing fraud.
The test in real time was the next stage of work on the e-BL, which PIL and IBM, started in October 2018.
“With the use of e-BL, we can see how to simplify and make more transparent the whole process of shipping with a significant reduction in costs,” – commented Khiam Back on this innovation.
According to Lisa Teo, exec director of PIL, this pilot has already received positive feedback from industry and authorities. She said they are delighted how their blockchain developments can contribute into growth of the industry.
IBM have chosen because they the symbol of prosperity in Celestial Empire, especially on the eve of the Chinese New Year.
Let’s recall that the joint blockchain project in the field of sea freight IBM and Maersk – the DLT platform TradeLens for cargo tracking – was already joined by more than 20 ports and about 100 companies, as well as the customs authorities of the Netherlands, Saudi Arabia, Singapore, Australia, Peru and Canada.