UK Port Operator Improves Shipping Logistics via Blockchain
Associated British Ports (ABP), the UK’s leading port operator has announced a collaboration with the digital logistics provider, Marine Transport International. Under the terms of the agreement, Marine Transport International will develop blockchain use for port logistics in around 21 ports that will handle 25% of all cargo shipments in the UK.
The two companies will carry out pilot shipment using blockchain technology because at the moment, each party in the ABP supply chain has no connection with others such as port operators, carriers, and shippers, all use different and unrelated systems. The proposed blockchain solution for port logistics will reduce the time spent on the manual processing of data according to Jody Cleworth, the founder and CEO of Marine Transport international.
“With blockchain, we can connect all those systems to ensure data is accurately and quickly shared, helping speed-up and simplify the flow of trade in and out of the UK.”
Back in June, Denmark announced its intentions to implement blockchain technology to aid in the registration of vessels on the register of the national ships. In addition to this, a subsidiary of Abu Dhabi Ports has also created its own blockchain-based solution for logistics.
In September, global logistics firm FedEx joined “Hyperledger”, an open-source project that was established to improve relations between cross-industry blockchain technologies. Hosted by the Linux Foundation, “Hyperledger” allows businesses to build blockchain-based applications, hardware, and platforms that facilitate their own individual type of business transactions.
FedEx Services stated that blockchain has “big implications” for supply chains, logistics, and transportation.
Executive Director of Hyperledger, Brian Behlendorf added:
“We are gaining traction around the world in market segments from finance to healthcare and government to logistics. This growth and diversity is a signal of the increasing recognition of the strategic value of enterprise blockchain and commitment to the adoption and development of open source frameworks to drive new business models.”
Blockchain has emerged over the last two years with an increasing amount of use cases. By far the most interesting and widespread is that of shipping and logistics where it has the power to significantly streamline the industry, saving billions and creating a wealth of new opportunities.