Israel-based LogChain has completed a pilot blockchain shipment of beverages from Belgium, the latest in a sudden raft of blockchain cargo movements.
The successful shipment was carried out over LogChain’s own platform, handling all aspects of the supply-chain by implementing electronic bill of lading (e-BL) and Letter of Credit (LC) digitization.
LogChain claims its platform reduces 7 to 9% of shipment costs for shipments partners. In terms of workload, the platform can reduce approximately two weeks of documentation down to a few minutes.
The LogChain platform is running on Microsoft Azure’s cloud solution, using Ethereum private consortia.
LogChain CEO Dudi Avni commented: “We are on the brink of a new digitization era in the trade market, disrupting the old, cumbersome processes, minimizing fraud risks – and literally saving billions of dollars, which we’ve become so used to spending for the mere sake of bureaucracy. As we progress with our unique end-to-end platform, we are working together with leading shipping companies, banks, freight-forwarders and global importers and exporters in order to create a new ecosystem that could enable this much needed revolution.”
Israel is quickly making a name for itself in the world of maritime tech developments with Splash regularly reporting on Israeli start-ups making waves in the transport sector.