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Global transport and logistics company Kuehne + Nagel has announced that it has applied blockchain technology to upgrade Verified Gross Mass (VGM) Portal.
Kuehne + Nagel launched VGM Portal in order to offer shippers a convenient solution for filing their VGM declarations as being required for sea freight shipments in consequence of the International Convention for the Safety of Life at Sea (SOLAS). The first version of the VGM Portal went live in 2016.
The company has now announced that it is leveraging blockchain technology in a large scale operational environment with 800,000 transactions per month while upgrading its VGM Portal. All information submitted via the platform is stored on a private and permissioned blockchain, which allows using native blockchain interfaces for data exchange with third parties.
“Kuehne + Nagel’s VGM Portal is the first fully productive large scale application that has been enhanced with blockchain technology,” it said.
The company said that the solution has been designed to strictly fulfil industry requirements of confidentiality and data privacy. It will provide shippers with new features that improve the ease of doing business as well as the degree of transparency on the VGM status of all customer shipments and the history of persisted information.
“Our customers benefit from a tamper-proof solution for information exchange with third parties with improved efficiency and higher transparency,” Martin Kolbe, Chief Information Officer Kuehne + Nagel International AG. “Operating the VGM Portal on blockchain in an operational high volume environment delivers valuable learnings and expertise for the development of joint blockchain applications.”
Earlier this year, Kuehne + Nagel participated in a blockchain trial that aimed to eliminate the need for printed shipping documents, saving hundreds of millions of dollars annually.
