Standard Chartered announced the successful completion of the first cross-bank Letter of Credit (LC) transaction between Vietnam and Thailand conducted over blockchain, in partnership with Asian Development Bank (ADB), Bank for Investment and Development of Vietnam and Standard Chartered Bank (Thai).
The theory is that an adopter of technology will not be eager to join in because the technology looks fancy. A difficulty that Blockchain is struggling to address is that its true potential might only be realized when everyone is on board, but the benefits it brings back might not be visible to all or is not tangible.
The managing board expects the providers to show them how their solution would help them make money while ensuring an acceptable level of risk, not how much they have to pay to join in another platform that they have to add to their collection of systems to be maintained.
The role of CIOs and CTOs is therefore critical to make his/her company become an educated buyer in this emerging market.
A recent study by Son Nguyen, Peggy Shu-Ling Chen, and Bill Yuquan Du at Australian Maritime College, University of Tasmania, Australia revealed the potential of the increasing complexity of system management and the emerging of multiple-event risk scenarios originated from the information flow of the industry.
Digitisation, Digitalisation, Digital Transformation are some buzz words that have recently taken the shipping and freight industry by storm..
Let’s take a quick look at what these terms mean and what it is all about..
While Digitalisation is inevitable in the industry, there are also some pitfalls and you can read about the pitfalls and how to avoid it here..
TradeLens is a digital alliance among container shipping lines started by the teaming up of Maersk and IBM to offer customers digital freight solutions..
Touted as an open and neutral industry platform underpinned by Blockchain technology, Tradelens is now supported by major industry players such as Maersk, Zim Lines, PIL, CMA CGM, MSC, Hapag Lloyd and ONE..
This platform received a major boost on the 23rd of December 2019 when The Federal Maritime Commission (FMC) published “The TradeLens Agreement”..
Trade as we know it (or don’t know it) has been around for centuries in various forms across various time-lines..
Starting from trade on the Silk roads around 1st century BC, through the Spice Routes between the 7th and 15th centuries to the current age of globalisation, trade has come a long way indeed..
While the business of trade itself hasn’t changed from the basic concept of buying and selling, the methodology of trade and trade patterns have changed drastically especially over the last few decades..
When the President of the 2nd largest economy in the world and the world’s factory China urges for the development of blockchain technology to be expedited, you know things are about to get real in the world of technology..
Plans are afoot to make Blockchain technology a key part of China’s innovation program and also to increase investment in the sector..
Hot on the heels of this call by the Chinese President, The Standing Committee of the 13th National People’s Congress in China passed a cryptography law on the 26th October that will be effective on January 1, 2020..
If this is not focus, then I don’t know what is..
Supply chain visibility remains a hot-button topic for supply chain executives. When executed correctly, it can open the door to new efficiencies, contributes to higher profitability, and reduces risk.
Meanwhile, the premature launch of systems and processes can dramatically add to costs. As Halloween approaches, poor implementation of visibility-gaining systems will reveal a monster.
This monster cannot die; it’s not susceptible to daylight or even the most intense of prayers. Instead, the supply chain visibility monster looks to show exactly every facet of an operation, including those you wish stayed hidden.
A supply chain is defined as an end to end process involving a network of people, resources, activities, organizations, technology, information, etc. that provides a path to the movement and, the flow of goods and services from the supplier to the end-customer.
Now, this doesn’t sound troublesome when it’s carried out at a smaller level. But imagine, what it would be like for the companies and organizations having a business that is spread across multiple countries.
But blockchains can help in improving Supply Chain Management and here’s how..
Society’s perception of environmentally and socially responsible shipping practices is far from the truth. When Amazon unveiled the promise of free two-day shipping for Prime members, customers were thrilled.
The processes were already in place to enable fast delivery, so what could be the harm in more people benefiting from even shorter delivery windows?
Amazon recognized how this service would impact on sales, and began offering free same-day shipping on millions of products starting in May 2019. It all looks like an Amazon Prime Member benefit.
That is the problem in its entirety.
Blockchain-based logistics firm ShipChain and GTX Corp (OTCQB: GTXO), a global tech leader offering a suite of GPS and NFC tracking location-based services, have announced a new partnership for a new global NFC blockchain shipment tracking solution.
Another one bites the dust.. By this I mean another company that is moving away from Paper Bill of Lading.. 🙂
It is inevitable that influential shippers and shipping lines are embracing tech one after the other.. Whether it is India’s first blockchain enabled Letter of Credit transaction, the first smart bill of lading issued using blockchain or the first blockchain based coffee exchange, technological innovations are here to stay in the shipping and freight industry..
G2 Ocean and Manuchar became the latest partnership to show that paper Bill of Lading is ready for retirement.. Together, they completed a successful pilot trial of CargoX’s blockchain-based Smart Bill of Lading Solution..