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Cargo Community Network (CCN), a Singapore-based logistics company, in collaboration with Microsoft, has rolled out a blockchain-based billing, costing and reconciliation system for air cargo, Air Cargo World reported.
The launch follows a two-month proof-of-concept (POC) testing period that included carriers and freight forwarders, including Singapore Airlines, SATS, Alliance 21 and Bolloré.
The objective is to enhance operational efficiency for airlines, freight forwarders and other stakeholders in air cargo.
Built on Microsoft Azure’s cloud computing service, the blockchain system will provide various stakeholders a single and secure data-sharing platform, where air cargo shipment rates, shipment details, and billing processes could be computed and updated directly to blockchain in real-time. It will help reduce billing discrepancies, accelerate billing reconciliation, and provide real-time revenue recognition.
“The typical air cargo billing, costing and reconciliation process can involve many stakeholders along the entire supply chain. The processes are also very manual, manpower-intensive and prone to error,” said Teow Boon Ling, CEO at CCN.
“By using blockchain on Microsoft Azure, not only does this shorten the billing cycle from up to three weeks to a matter of hours, it can also reduce discrepancies, while enabling greater accountability and visibility across the entire supply chain.”
Microsoft said that the system has been designed to ensure flexibility in order to allow CCN to add more capabilities and onboard more partners going forward.
“By using a robust, blockchain on Azure hybrid cloud set-up with high availability, Cargo Community Network is well-positioned to help airlines and freight forwarders to be quicker and more efficient with their billing processes, which can translate into tangible value-add for the industry across the board,” Kevin Wo, managing director of Microsoft Singapore said (as quoted by Air Cargo Week).
