Another one bites the dust.. By this I mean another company that is moving away from Paper Bill of Lading.. 🙂
It is inevitable that influential shippers and shipping lines are embracing tech one after the other.. Whether it is India’s first blockchain enabled Letter of Credit transaction, the first smart bill of lading issued using blockchain or the first blockchain based coffee exchange, technological innovations are here to stay in the shipping and freight industry..
G2 Ocean and Manuchar became the latest partnership to show that paper Bill of Lading is ready for retirement.. Together, they completed a successful pilot trial of CargoX’s blockchain-based Smart Bill of Lading Solution..
While traditional freight forwarder networks creates transparency, better connections and safe collaborations, the business model has not been a breakthrough by any means.. The way members conduct their businesses has remained the same, and the industry has been labelled antiquated and outdated..
If one looks at it objectively, it is easy to understand that it is the Freight Forwarder’s lack of digital resources and technological capability that has been restraining competitive growth in this volatile and digital market conditions..
Naturally, this has been noticed and the industry is seen by innovators in the technology space as a prime candidate for disruption.. They say that a paradigm shift is required if a freight forwarder aims to remain relevant, competitive and achieve greater efficiency..
Blockchain seems to have become a prolific “enabler” of businesses, particularly in the shipping and freight and trade industry..
Whether in its use by Banks and Shippers to create Trade Finance documents; or creating and transmitting smart bills of lading; or setting up a blockchain-based marketplace app for trading in coffee; or making documentation easy for ports; or ensuring prompt delivery of mandarins for the Chinese New Year; Blockchain is making its presence felt quite rapidly in our industry..
Many shipping lines, ports, financial institutions and other private entities are using Blockchain and testing it in many different ways through many pilot projects..
Saudi Customs became the latest entity to successfully test drive its first shipment powered the blockchain technology..
The digital era for supply chain is well under way.. Technology and supply chain having seemingly become inseparable..
Technologies such as Blockchain, IoT, Big Data, Machine Learning, Artificial Intelligence are all finding their niche in the whole process of supply chain..
Whether it is in terms of issuing a smart bill of lading to a customer miles away or ensuring quick delivery of mandarins to China, technology has found its place in supply chain and its influence is growing..
Digital freight forwarders are leveraging these technologies and offering instant solutions as required by BCOs and others involved in the industry.. These technologies also seem to have spawned Digital Shipping Lines who are seen as serious competition to the digital freight forwarders..
There have been and are many discussions, arguments, disagreements surrounding these technologies..But one thing is clear and that is the fact that there needs to be lots of effective and productive discussions about the use of technology, the innovations that has already happened and their future..
If you are interested in such discussions, Microsoft New York Headquarters, 11 Times Square, New York is the place you want to be, on the 19th and 20th of June 2019..
A Freight Forwarder is a multi-function agent/operator who undertakes to handle the movement of goods from point to point on behalf of the cargo owner..
For the freight forwarder involved, this may include a door to door movement, negotiating freight rates, nominating the carrier(s), booking the goods and handling all the documentary, operational and transportation requirements between the two points..
Digital freight forwarders are a new breed of freight forwarders who are disrupting the freight industry armed with the ability to offer the services of a freight forwarder but on an instant basis using online technology and data..
But they have several competition to contend with.. One of them is a “Digital Shipping Line“..
Say what..!!!!!!!!!!!!!!!!!!!!!!!! Who is a digital shipping line now..??
Executive Insights is a series by Shipping and Freight Resource that provides ongoing insights, enriching the knowledge of the readers with what is happening in the shipping, freight, maritime, logistics and supply chain industry and providing thoughtful analysis..
Executive Insights is also a chance to pick the brains of industry veterans, leaders and enablers..
In this latest edition, Shipping and Freight Resource caught up with Mick Morris – CEO and Co Founder of Buytasker LTD for some insights into the freight forwarding industry, the digital freight forwarding world and the technologies that they have created for the industry..
DP World who are well known for their container terminal operations around the world has come up with an innovative solution which is designed to transform the way containers are handled in container terminals – whether greenfield or brownfield..
A greenfield terminal is a newly built terminal built from scratch for the purpose of container terminal operations, whereas a brownfield terminal is an already existing container terminal which needs to be modified or upgraded and has several infrastructure or development constraints such as space..
In this day and age where the urban world is facing space constraints in terms of land, whether it is buildings or container terminal storage, the only way seems to be UP..
A new joint venture between global trade enabler DP World and industrial engineering specialists, SMS Group has done just that by launching BOXBAY – a new high bay container storage system that will transform the way containers are handled in the ports it operates in..
Ports and port authorities have also got in on the Blockchain action with the port of Valencia joining the TradeLens project, the technological solution developed by IBM and Maersk to start applying blockchain technology in the global supply chain and the port of Marseille Fos piloting a blockchain based project for supply chain logistics and intermodal freight movement on the Mediterranean-Rhône-Saône axis (MeRS) transport corridor..
The TradeLens project has been further strengthened by the announcement from ZIM Integrated Shipping that it has signed on as a member of TradeLens..
The movement of goods over great distances using ships has been carrying on for many centuries.. Many things have changed in the shipping and freight industry over the years, but some things have not..
Today’s business environment is facing a lot of instability whether it is in the form of Brexit, trade tariffs, highly volatile freight rates or new maritime policies..
Now, more than ever, the industry needs people with experience and knowledge to help steer the new generation through the troubled waters..
People who have been there and handled shipping the vintage way but know much more than a thing or two about the modern shipping industry..
As part of our Executive Insights series, we caught up with Steve Walker, a consultant and adviser to many BCOs, freight forwarders and online freight companies..
In many ways, the transport industry is the backbone of human society. Various forms of transportation have been used for travel and trade since the 1800’s, by water, rail, road and air.
Today, almost everything we use, eat or drink is transported by vehicle and delivered to our doorstep or a nearby shop, and public transportation is essential in our societies for transporting people between home, work and school.
To ensure a seamless operation when delivering goods or moving people, transport enterprises have to manage hundreds or even thousands of vehicles at once.
Precision, efficiency and productivity are essential. Luckily, there are technological advances to help overcome many of the daily logistical challenges.