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Pacific International Lines (PIL) has successfully completed a real-time pilot tracking shipment of mandarin oranges from China for the Lunar New Year celebrations using blockchain technology.
The pilot used an electronic bill of lading (e-BL) built on the IBM Blockchain Platform for the transfer shipment of 28 tons of fresh mandarin oranges. It demonstrated a significant reduction in the administrative process of transferring the title deed from five to seven days to just one second.
The Bill of Lading is a crucial document used in international trade. Usually, it is issued by a shipping carrier to document the title or ownership of goods and also functions as a receipt of goods and a contract of the shipment. Perishable items, such as mandarin oranges, require faster document processing and expedited cargo clearing for delivery.
IBM said that combining e-BL with blockchain technology can help companies cut their document processing times to almost zero and instantly transfer of the bill of lading for their cargo. It will help automate document handling and facilitate fast and efficient delivery of goods.
Singapore-based Hupco participated in the trial as the consignee of 3,000 cartons of mandarin oranges. It benefited from collecting their goods faster with the immediate receipt of the e-BL. It also benefited from lower operating cost, stronger provenance and real-time visibility of documents, and greater security.
“We are delighted with the outcome of the trial. By using the e-BL, we have seen how the entire shipment process can be simplified and made more transparent with considerable cost savings,” Tay Khiam Back, Chairman and CEO of Hupco said. “Our customers can expect their orders in a more timely manner, and, importantly, with freshness assured.”
The live trial followed the e-BL Proof of Concept which was announced in October 2018. PIL and IBM collaborated to leverage blockchain technology in designing and creating an e-BL.
“A blockchain-based trade network will be a game-changer, and we have a great opportunity here with our partner PIL to revolutionize the documentation processes in a way that benefits the entire industry,” Harriet Green, CEO and Chairman of IBM Asia Pacific, said.
“Powered by blockchain, the e-BL developed by the IBM Research Singapore will be critical in helping to establish an extensible ecosystem for trade, thus expectedly enhancing trade efficiency and building trusted trade relationships among the industry players.”
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