San Jose-based CargoSmart Limited, a provider of solutions that help shippers, consignees, logistics service providers, and NVOCCs manage their shipments throughout the supply chain has recently announced a new initiative to develop a blockchain solution for shipment documentation that will aim to improve the often complex supply chain processes.
Current shipping document handling processes are very complicated and still include outdated paper processes that involve numerous stakeholders across the world. Many global shipping companies have varying ranges of technical proficiencies and capabilities deferring data standards which results in documents being exchanged in several different formats such as email, online forms, and Electronic Data Interchange (EDI).
The new blockchain solution devised by CargoSmart will simplify the shipping documentation process, in turn increasing trust and improving efficiency. The new system will reduce the risk of mis-declaration while speeding up the filing process. As with all shipping, if the documents are submitted accurately and timely, the cargo can continue to move.
CEO for CargoSmart, Steve Siu said: “Blockchain technology provides immutable records and a trusted network to offer secure and traceable documentation, 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.”
The company has been working in conjunction with Oracle who recently unveiled the Oracle Blockchain Cloud Service. The Oracle service enables organizations to easily build blockchain networks to drive more secure and efficient transactions along with tracking goods along the supply chain across the world.
Oracle Cloud Platform Executive Vice President, Amit Zavery said, “Maritime shipping is essential to global trade, but it often suffers from inefficiencies in the complex documentation processes across many involved parties.”
Mr. Zavery concluded with “CargoSmart’s new solution, powered by Oracle’s blockchain cloud platform can help engender trust and confidence in the ecosystem. It 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.”