Copy link
Increase text size
Decrease text size
Link copied

India successfully tests blockchain-based bills of lading processing

India is harnessing blockchain technology as it prepares for a paperless maritime supply chain.

Image by dayamay / Pixabay

Tue, 16 Jun 2020, 04:34 am UTC

India is modernizing its maritime supply chains with the digitalization of all trade documents including bills of lading. For added security and transparency, the country is harnessing blockchain technology and is now moving its Port Community System (PCS) into the ultra-secure platform.

CargoX, a Slovenia-based logistics company, has already integrated its Platform for Blockchain Document Transfer (BDT) with the country’s Port Community System, according to WorldCargoNews. India’s PCS was built by Portall Infosystems, a J.M. Baxi Group subsidiary known for its state-of-the-art logistics management application.

The need to move toward a digitized maritime supply chain has been highlighted with the arrival of the coronavirus pandemic. According to TheLoadStar, the existing paper-based processes have hampered container shipping as the government imposed lockdowns and social distancing as measures to slow down the spread of the virus. These factors eventually lead to port congestion.

In response to this need, the country’s ministry of shipping authorized the trial run using the bills of lading submitted through Portall’s PCS using CargoX’s blockchain platform, the BDT. The test run was a success and India’s shipping stakeholders can now transfer bills of lading electronically using blockchain.

Alejandro Gutierrez, the founder of logistics network Forward Together, participated in the trial run using live shipments with Global Transitions, Tech Cargo, DeeEs Engineers India Project, and Parsteel Shelving Co/Atlas Mega Steel.

“The ability to conduct shipment transactions and transfers of ownership without the need for human physical interaction creates a breakthrough case for freight forwarding and logistics, especially when health measures are so important,” Gutierrez said. Throughout the process, a blockchain-protected bill of lading was used instead of the usual manual handling of paperwork, eliminating the need for human contact.

CargoX’s blockchain-based solutions ensure the timely and secure delivery of important shipping documents. The system also reduces the document transfer cost while allowing personnel to maintain social distancing protocols put in place due to the COVID-19 pandemic.

“In these times of multiple risks to our common society, we are proud to help shipping companies, which represent the backbone of the economy, resolve supply chain document-sending issues and enable them to meet delivery deadlines everywhere in the world in a secure and efficient manner, while also lowering the document transfer cost,” CargoX CEO and founder Stefan Kukman said.

“We saw that there was a good fit between the companies,” Portall president Manish Jaiswal said, expressing his satisfaction with his firm’s partnership with CargoX. “Both Portall and CargoX are fairly young, but the teams have domain-rich knowledge and bring expertise from various facets of the industry.”

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Moses
  • 2020.06.19 08:02:22
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
$4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door inbox me for more info....contact me on whatsapp :+12067425358 happy new year to you all ......................................
  • 0
  • ·
  • 0
More
  • Bitcoin (BTC) $9,389.93 (+1.07%)
  • Ethereum (ETH) $245.11 (+2.03%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $241.39 (+0.38%)
  • Bitcoin SV (BSV) $187.68 (+1.20%)
  • Bitcoin (BTC) $9,389.93 (+1.07%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft