The blockchain technology and its integration with IoT seem to be quickly catching on and the practical uses and benefits of these integrations would be interesting to watch..
Recently two companies announced that they will come together to create a joint platform to service thousands of users in the transportation sector..
One is RoadLaunch, an intuitive, fully integrated and easy-to-use system for freight quoting, dispatch, capacity management, load matching, asset tracking, transparency and instant settlement..
The other is CargoX, a multi-award winning open and independent platform based on blockchain technology highly regarded as the optimal way to transfer information of value in the digital shipping business..
This partnership will integrate CargoX’s Blockchain Document Transaction System technology, powered by the Ethereum Network, with RoadLaunch’s permission-based blockchain platform..
Previously we had reviewed how blockchain based smart bills of lading work in general and what smart bills of lading can do..
We also reported on news of shipping lines progressing to the next phase Blockchain initiatives..
Smart bills powered by blockchain seem to have arrived with more and more lines carrying out tests and succeeding in the same..
Pacific International Lines (“PIL”), the company founded by one of the Leaders and Visionaries in Shipping – Mr.Chang Yun Chung, became the latest shipping line to successfully use an electronic Bill of Lading (e-BL) built on the IBM Blockchain Platform for the shipment and tracking of Mandarins (a type of Orange) from China to Singapore to coincide with the Lunar New Year celebrations..
Ahhhh, blockchain, to many, it’s like entering a parallel universe, evoking images of a world where all processes are in blocks, every block talking to the other, every block working seamlessly at the touch of a button, the equivalent of a human world where the roads are flowing with milk and honey..
There are proponents and opponents to this technology in equal measure, with the proponents fuelling a hype relating to the blockchain technology’s application in shipping, freight and logistics, in the media in the recent past..
We caught up with John Monarch, CEO of ShipChain in an effort to understand what the blockchain can and cannot do in the shipping and freight industry and to help us separate hype from reality..
Previously we shared an article about India’s first blockchain enabled Letter of Credit and also the First blockchain enabled trade finance transaction.. Both of these activities were carried out by HSBC..
HSBC seems to be leading the way in terms of blockchain-based tools to handle financial processes relating to foreign-exchange trades..
The world of digitisation and technology is upon us and the shipping and freight industry has been playing catch up compared to the other industries..
In November 2017, ZIM Line announced that the first pilot of paperless Bills-of-Lading based on blockchain technology was completed in cooperation with Sparx Logistics and Wave Ltd..
The pioneering pilot, the first of its kind led by an ocean carrier, was concluded successfully as part of ZIM lines new platform along with a selection of their leading customers to test this solution for trade activities on multiple shipping lanes..
Following this successful pilot, ZIM line has been evaluating its platform in different trade lanes with more customers and is now ready to move to the next phase of its blockchain initiative..
CargoX wins the IRU World Congress Startup competition among 77 competitors, impressing more than 1000 attendees from over 60 countries.
The IRU organization is constituted of more than 100 national transport associations and transport operators. Igor Jakomin, Ph.D., COO of CargoX, pitched the CargoX platform to a jury of venture capitalists, business professionals, and industry experts.
The startup competition was organised by Road Ventures SA, a Captive Venture Capital Fund that supports innovation in mobility. The competition was dedicated to launching and advising the world’s next wave of leading entrepreneurs.
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..
Smart Computers, Smart Phones, Smart Cars and now Smart Bill of lading..!!!!
Shipping documentation in its current form has been around for many decades and has been working quite well..
There are several factors that are involved in the preparation, checking, transmission, hand over, payment and many of the intrinsic activities involved in the process of a bill of lading..
When I first heard of the Blockchain based Smart Bill of Lading by CargoX, I was a bit unsure as to how this new technology will replace all of the above as there are several such products trying to break into the shipping and freight industry in the name of innovation, digitisation, IoT, SaaS etc..
So, when CargoX asked me to have a look at how this blockchain based bill of lading system and process actually works, I proceeded to have a look with a tad bit of skepticism..
But before I share the details of my review, experience, impression and opinion, let’s take a quick look at what is a bill of lading, what is a blockchain and how these work together and fit in the process of a shipment..