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CargoSmart announced today that U.S. electric car manufacturer Tesla has partnered with the Shanghai International Port Group (SIPG) to test if blockchain can make importing goods into China easier.
The first pilot project comes with an ocean carrier conducting a real-time exchange of shipment data with a terminal operator through blockchain. The pilot has the benefits of having a single, trusted source of truth in cargo documentation and efficiency gains for industry participants.
The application is expected to accelerate the process because it digitalizes the shipping industry processes and optimizes the global supply chains. It also minimizes the consignee and shipping verification steps which speeds up the release of sea waybills.
“The pilot is a key component of our journey towards paperless, trusted, and seamless trade processes at the Port of Shanghai, and it demonstrates the benefits for supply chain stakeholders around the world. We look forward to extending the collaboration with more supply chain stakeholders to render extraordinary service to our community,” said Henry Huang, Executive DGM of Operation & Business Department of SIPG.
“The pilot with SIPG and CargoSmart showcased significant efficiency gains not only in the cargo release process but also for downstream supply chain planning by presenting a single source of truth for documentation for all involved parties. We look forward to more blockchain-based applications that can create value for customers and the industry alike,” added Wu Yu, General Manager of Business Process & System Division of COSCO.
The pilot was successful in showing that the unique collaboration model between the ocean carriers and terminal operators can create benefits for stakeholders along the global supply chain. The cargo release application will promote carrier terminal data exchange and streamline the operations.
The application will unleash the full potential of the proposed GSBN platform. Once it is established, it will be further developed for participants of the Global Shipping Business Network (GSBN) blockchain consortium.
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