India’s first blockchain enabled Letter of Credit transaction completed
Blockchain – that newfangled concept seems to be catching on quickly and moving along quite nicely in the shipping and freight industry..
A Blockchain is a ledger that uses cryptography, the internet and naturally computers to create, share, transfer, track and secure assets and transactions (represented/organised as blocks) belonging to everyone to fulfil a certain function..
Unless the previous transaction is not completed in the chain and shared forward with a timestamp, the next transaction cannot happen..
In the first transaction of its kind in India, HSBC India and ING Bank Brussels have enabled, successfully executed and completed a full blockchain driven trade finance transaction between India’s Reliance Industries and USA’s Tricon Energy..
MSC continues its investment in smart containers
Smart containers are dubbed as one of the innovations that is set to change the way in which we carry out traditional container shipping services..
This innovative technology is said to transform a standard ISO container into a smart, connected object which collects and communicates real-time data on its position and movements throughout its journey..
MSC’s is partnering with TRAXENS to convert 50,000 of its dry cargo containers to smart containers..