Well, another year has gone.. 2018 has been consigned to the annals of history..
2019 is here, all shiny, sparkling and new ready to carry the world of global trade, its cargo, its ships, its burdens, its struggles and bear the fruits or consequences of the developments and actions that took place in the industry in 2018..
As with every year, in 2018 as well, our world and our industry went through a lot of changes both good and bad..
From the entry of ONE into the container shipping market to all major lines preparing for the IMO 2020 Sulphur Cap, it has been an eventful year for the shipping and freight industry..
Here is my review of 2018 and the year that it was, for the shipping and freight industry..
Smart Computers, Smart Phones, Smart Cars and now Smart Bill of lading..!!!!
Shipping documentation in its current form has been around for many decades and has been working quite well..
There are several factors that are involved in the preparation, checking, transmission, hand over, payment and many of the intrinsic activities involved in the process of a bill of lading..
When I first heard of the Blockchain based Smart Bill of Lading by CargoX, I was a bit unsure as to how this new technology will replace all of the above as there are several such products trying to break into the shipping and freight industry in the name of innovation, digitisation, IoT, SaaS etc..
So, when CargoX asked me to have a look at how this blockchain based bill of lading system and process actually works, I proceeded to have a look with a tad bit of skepticism..
But before I share the details of my review, experience, impression and opinion, let’s take a quick look at what is a bill of lading, what is a blockchain and how these work together and fit in the process of a shipment..