OOCL’s container software arm, CargoSmart, has developed a blockchain solution for shipment documentation.
In a release today, CargoSmart said it has created a “digital baseline for trusted shipment documentation management” across the shipping and logistics industry.
“Shippers, forwarders, carriers, truckers, and customs agencies will be able to collaborate more efficiently through the platform for a single version of truth and an immutable audit trail with low latency,” CargoSmart stated.
A single shipment can involve more than 30 documents exchanged by all parties, often with multiple revisions due to human errors, before it leaves port, CargoSmart observed.
CargoSmart’s blockchain solution projects a 65% reduction in the amount of time required to collect, consolidate, and confirm data from multiple parties and to handle shipping data that is repetitive in different documents by leveraging its blockchain shipment documentation solution.
“Blockchain technology provides immutable records and a trusted network to offer secure and traceable documentation,” said Steve Siu, CEO of CargoSmart. “Providing a solution for supply chain parties to auto-fill repeated and verified information can dramatically increase data accuracy and efficiency for the whole logistics process.”
CargoSmart has been working closely with Oracle, which recently launched Oracle Blockchain Cloud Service. Oracle’s blockchain platform enables organisations to build blockchain networks to drive transactions and to track goods through supply chains on a global scale.
“Maritime shipping is essential to global trade, but it often suffers from inefficiencies in the complex documentation processes across many involved parties,” said Amit Zavery, executive vice president, Oracle Cloud Platform. “CargoSmart’s new solution, powered by Oracle’s blockchain cloud platform can help engender trust and confidence in the ecosystem. Its gives users across the entire shipping ecosystem a trusted, secure, scalable, and resilient means to share information, helping to speed up turnaround time, reduce disputes and lower costs.”