Tesla has joined hands with CargoSmart, the China Ocean Shipping Company Limited (COSCO), and the Shanghai International Port Group (SIPG) to trial a new application that will transform the current cargo release process. This pilot is said to be the first of the projects wherein an ocean carrier is organising a real-time exchange of shipment data with a terminal operator through blockchain.
During the pilot, not just the benefits of having a single and trusted source of truth in cargo documentation was observed, but the industry participants also realised advantages in terms of efficiency. It is now understood that implementing such an application would ease the digitisation of shipping industry processes and optimise the traditional practices in supply chains.
The blockchain application would be further developed for members of the Global Shipping Business Network (GSBN) blockchain consortium when officially established.
Last March, the Marseille-Fos Port in France participated in a blockchain technology project, which was backed by the Interministerial Delegation for the development of the port and logistics axis Méditerranée-Rhône-Saône (MeRS). The pilot project, which involved transport of freight on the Mediterranean-Rhône-Saône axis transport corridor, aimed to test security of the digital transport chain to improve fluidity, safety and competitiveness of the chain logistics and intermodal freight forwarding on the Rhône / Saône axis. This will eventually allow data sharing between interested parties without superstructure.
Interested in hearing leading global brands discuss subjects like this in person? Find out more at the Blockchain Expo World Series, Global, Europe and North America.
The post Tesla among stakeholders in Shanghai blockchain cargo trial appeared first on The Block.
Credit: Blockchain News