Israeli start-up heralds blockchain shipment from Belgium

Israeli start-up heralds blockchain shipment from Belgium

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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