Cargosmart blockchain

CargoSmart, the leading shipment management solution provider, announced its completion of the proof-of-concept with eTradeConnect, the blockchain consortium located in Hong Kong, on November 5. This partnership aims at improving the global trade through enhancing collaboration among the shippers, terminal operators, banks, and ocean carriers. CargoSmart limited empowers numerous companies to transform their global supply chains digitally, that the world wants it to see. It was founded in the year with the headquarter in Hong Kong.

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Maritime Industry in Search of Blockchain Orchestrator!

But it also opens the door to connecting the consortia of firms clustered on the two platforms. The technical aspects include ironing out the exchange of information across networks in a format the other side can digest.

Enterprise blockchain is a team sport, as is often heard among the distributed ledger technology DLT set. However, groups of companies are often aligned with particular platforms even when, in some cases, they are addressing the same use case shipping container tracking, for instance and using the same underlying open-source blockchain such as Fabric. Both consortia also include a range of shipping ports around the world, as well as freight forwarding companies and the like, meaning any step towards harmonizing these projects has potentially enormous value to the participating industry players.

The blockchain teams at IBM, Oracle and SAP, who all know each other, are perhaps more sanguine about creating a harmony between firms participating on different deployments of Fabric. The decision-makers on the business side might see things differently. You still compete in the field, we will do that every day. The deal is an advance purchase agreement between Novavax and Israel's Ministry of Health. In its press release on the matter, Novavax wrote that it "will work with the Ministry of Health to obtain the necessary authorizations and finalize plans for distribution in Israel pending regulatory approval.

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CargoSmart, Cosco and Tesla in blockchain trial

CargoSmart, the software division of the Hong Kong headquartered Orient Overseas Container Line, intends to overhaul the cargo delivery procedure utilizing blockchain application. The conventional documentation procedures of the shipping sector consume considerable time and cost, making the entire industry less competent. CargoSmart has been carrying out research and development of its application to minimize shipping broker and consignee authentication stage. The company intends to digitize the documentation procedures and minimize the aggregate time for collecting goods from shipping ports, thereby minimizing delivery period.

CargoSmart's new blockchain initiative promises to speed up the sharing of shipping industry information with banks and other stakeholders.

CargoSmart Launches Blockchain Service for Faster Documentation Processes

While ocean shipping has been steadily growing in recent years, multiple pressures are impacting the predictability of the far-flung supply chains and pressuring industry profits. Key to navigating these challenges for shippers, ocean carriers, terminal operators, and other parties involved with shipping ocean freight is better visibility and real-time access to information. But things are changing thanks to the help of emerging technology and the formation of a new blockchain consortium in this space pioneered by CargoSmart. For the last year, CargoSmart and Oracle have been working together to develop a blockchain solution that aims to simplify the shipping documentation process and deliver a single source of truth for trusted, real-time sharing of information, thereby increasing trust and boosting efficiency. This not-for-profit joint venture aims to accelerate the digital transformation of the shipping industry, with CargoSmart providing the resources underpinning it. Sign in. Log into your account. Forgot your password? Password recovery. Recover your password.

Tesla Involved in Chinese Blockchain Shipping Pilot

cargosmart blockchain

Tesla is using blockchain technology to speed up the import process in China. CargoSmart noted that the pilot was conducted in December and it used blockchain technology to share relevant shipping data and documentation with Tesla and other concerned parties. New to blockchain technology? Think of an ATM machine. A blockchain is a peer-to-peer system that has no central authority that manages data flow.

Ocean shipping has been steadily growing in recent years. Ocean container carriers have been through major consolidation, vessel operators have been tightly controlling the amount of vessel capacity, and the global economy has been strong.

BlockChain Race: Maersk Gets Second Carrier to Join Its Platform

Global trade, one of the earliest business practices in the world, is still a major economic driver for countries around the world. The value of world merchandised trade in totalled USD The entire global commerce process is powered by millions of business entities, surfing the waves of the global GDP. For continued prosperity, businesses must adapt to volatility. The strongest embrace opportunities, exercise agility, and dynamically implement new solutions to get work done.

IQAX Powers GSBN’s Blockchain Platform

Trade finance products are proliferating in the liner shipping market as more technology-backed approaches seek to connect shipment and shipper data with reducing lending risk. Photo credit: Shutterstock. Linking shipment data to trade finance decisions is becoming more common, evidenced by the shipment management software provider CargoSmart working with four banks and two shipping lines to speed applications for financing services and expand the ability of banks to extend credit to small and medium enterprises SMEs. CargoSmart said Tuesday it has completed a proof of concept linking two blockchain networks — one tied to financial services and the other to data. That connection allows eTradeConnect, a multi-bank blockchain consortium in Hong Kong facilitated by the Hong Kong Monetary Authority HKMA , to access relevant data from ocean carriers and terminals to shorten the shipping documentation validation process those banks typically undertake to approve financing services for shippers. CargoSmart offers software primarily to shippers to manage global logistics and customs compliance processes. The company has been developing, in tandem with Oracle, a consortium aimed at using blockchain to reshape core global trade processes, called the Global Shipping Business Network GSBN. The private version of blockchain technology is based around a distributed ledger that permissioned parties can contribute to and access.

CargoSmart said it initiated the formation of the blockchain consortium to revolutionize information exchange in the shipping industry.

CargoSmart completes blockchain proof-of-concept

HK , Deloitte, and CargoSmart have successfully connected multiple distributed ledger technology DLT networks for a platform to enhance efficiency for the shipping industry worldwide by digitising document exchange between forwarders and carriers, as well as improving the traceability of shipping documents. Completed in December , the platform's proof-of-concept POC is interoperable across different DLT and cloud networks commonly used by participants in global trade and finance. Distributed ledger is a technology that could simplify the complicated transactions in logistics operations. When we eliminate redundant processes, we can bring new benefits to our customers and to the planet, which has always been one of Kerry Logistics' beliefs.

Use of Blockchain Helps Speed Global Shipping Transactions

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It was November the last time we blogged about the BlockChain race in the international shipping industry. They formed a joint venture at the beginning of to release a blockchain-based platform called TradeLens, which the companies had been developing since Finally, close to half a year later, Maersk and IBM have gotten a second carrier to sign up. The Loadstar published a brief article by Alexander Whiteman that reports:.

The goal of the pilot was to minimize consignee and shipping agent verification steps with their ocean carriers in order to speed up the release of sea waybills. As a result, truckers are able to pick up their cargo at the terminal faster, helping shippers meet delivery windows.

CargoSmart, Oracle Using Blockchain to Speed Global Shipping Transactions

Their PR team must be very happy at the steady flow of participants announcing they plan to participate. It also contradicts the scepticism observers such as this writer have expressed, regarding the possible reluctance of major industry players to join a service owned and operated by a potential competitor. No doubt all of this is true, but when examining some of the announcements a couple of interesting points stand out. It may be helpful at this point to reconfirm the definition of a Blockchain. They have trust, transparency and accountability at the core, while streamlining business process and legal constraints. Each piece of data recorded in the ledger has a single owner, but the ledger should be stored across multiple independent locations nodes , in fact as many as possible, as this makes it harder to subvert. As a node generates a block, all the other nodes validate the transactions contained within it and once done, it gets added to the blockchain.

CargoSmart Completes Proof-of-Concept with eTradeConnect

Tesla has been involved in a successful blockchain pilot program involving the shipping of parts to its Shanghai factory, one of its scheme partners has announced. CargoSmart Limited announced on Tuesday that the pilot, involving four organisations in total, highlighted the efficiencies that could be brought to the complex world of international logistics by blockchain technology and could pave the way for further integration. The successful pilot has proven that the unique collaboration model between ocean carriers and terminal operators is able to create benefits for stakeholders along the global supply chain.

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  1. Ace

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