A supply chain is defined as an end to end process involving a network of people, resources, activities, organizations, technology, information, etc. that provides a path to the movement and, the flow of goods and services from the supplier to the end-customer.
Now, this doesn’t sound troublesome when it’s carried out at a smaller level. But imagine, what it would be like for the companies and organizations having a business that is spread across multiple countries.
But blockchains can help in improving Supply Chain Management and here’s how..
CargoX, the public blockchain logistics document transaction platform which was built on a public blockchain, has been integrated into RoadLaunch, the private blockchain-based digital freight management platform.
This is the first publicly available integrated product in logistics of this kind, which merges the strengths of public and private blockchains in one solution to provide business users with the best of both worlds.
Previously I wrote that apart from dealing with digital shipping lines, digital freight forwarders will also need to contend with traditional freight forwarders, not just from a service perspective but from a digital perspective as well.
DB Schenker recently joined the ranks of traditional freight forwarders now offering digital solutions with the launch of their connect 4.0 platform.
In a recent interview with Jeff Barrie, CEO of DB Schenker US, we had an opportunity to discuss the launch of the company’s connect 4.0 platform and why the company believes it will define success in freight forwarding and global shipping.
Global trade has been around for centuries in various forms, starting from the Silk roads to the current Digital economy/age and has come a long way bringing alongwith it many changes and advances..
After the 3rd Industrial Revolution brought the Internet into play, there has been no turning back for globalisation with global exports accounting for almost 25% of global GDP..
Digitalisation, which was very much in its infancy a few decades ago has become the new frontier of globalization.. Advances like Blockchain, IoT, Big Data, Machine Learning and Artificial Intelligence have arrived in our industry as well and are here to stay, innovate and enhance global trade..
One of the digital advances that is catching on quite quick is an Electronic Bill of Lading..
Society’s perception of environmentally and socially responsible shipping practices is far from the truth. When Amazon unveiled the promise of free two-day shipping for Prime members, customers were thrilled.
The processes were already in place to enable fast delivery, so what could be the harm in more people benefiting from even shorter delivery windows?
Amazon recognized how this service would impact on sales, and began offering free same-day shipping on millions of products starting in May 2019. It all looks like an Amazon Prime Member benefit.
Blockchain-based logistics firm ShipChain and GTX Corp (OTCQB: GTXO), a global tech leader offering a suite of GPS and NFC tracking location-based services, have announced a new partnership for a new global NFC blockchain shipment tracking solution.
The Incoterms® rules were developed by the International Chamber of Commerce to facilitate international trade and for the interpretation of the trade terms that the parties to a contract of sale could agree to apply..
Incoterms® were first introduced in 1936 and were revised in 1957, 1967, 1976, 1980, 1990, 2000 and 2010 to accommodate changes as global trade developed and evolved..
Currently, in its 8th version (Incoterms® 2010), the Incoterms® rules have become an internationally recognized and accepted standard and are used worldwide in international and domestic contracts for the sale of goods and have become an essential part of the day-to-day international trade and domestic trade..
The ICC which is celebrating its centenary year recently announced the release date for the latest version of these rules which is the Incoterms® 2020..
From the time the collaboration between Maersk Line and IBM was announced in January 2018 and the creation of TradeLens in August 2018, the blockchain-enabled shipping solution designed to promote more efficient and secure global trade had many naysayers with predictions of the platform doomed to fail..
Because this platform was initiated and created by Maersk Line, the world’s largest container shipping line, along with IBM there were concerns by other carriers about joining the platform as there was no equal footing for them..
Fast forward 11 months to 2nd July 2019, TradeLens seems to have overcome the initial jitters, fears and concerns and now has the support of Maersk Line, Zim Lines, PIL, CMA CGM, MSC, Hapag Lloyd and ONE..
Digitalisation is the buzzword making the rounds currently, especially in the shipping and freight industry..
IT boffins are creating it, VCs are funding it, Entrepreneurs are finding new uses for it, Freight Forwarders, Shipping lines, Banks and Ports are adopting it, riding the wave of digitalisation..
There are many use cases relating to technology in the shipping and freight industry, but nothing screams “we are serious about digitalisation” more than a company running a competition for container operators, in which the winner gets to convert their entire container fleet into Smart Containers..
Yes, you heard right.. An entire container fleet..
We caught up with Shachar Tal, the Co-Founder of Loginno, the company that ran this competition..
The nature of logistics and transportation requires extensive labor and a culture of trust. A typical freight shipment endures dozens of touch points in the freight’s journey, and data entry or documentation capture is, unfortunately, an after-the-fact process.
In actuality, the priority of those in each touch point is usually the freight, not necessarily the data. Companies who have developed automated technologies to capture and track data still have the problem of data integrity.
Either the data cannot be verified by other supply chain partners, relying solely on what is present, or there is no mechanism to validate the data itself.
As the world of transport continues to increase in complexity, the merging of blockchain and artificial intelligence will be where technologies come together to digitize freight.