Is blockchain the panacea for the shipping industry..?? Hype vs Reality

blockchain - shipping and freight resource

Ahhhh, blockchain, to many, it’s like entering a parallel universe, evoking images of a world where all processes are in blocks, every block talking to the other, every block working seamlessly at the touch of a button, the equivalent of a human world where the roads are flowing with milk and honey..

There are proponents and opponents to this technology in equal measure, with the proponents fuelling a hype relating to the blockchain technology’s application in shipping, freight and logistics, in the media in the recent past..

We caught up with John Monarch, CEO of ShipChain in an effort to understand what the blockchain can and cannot do in the shipping and freight industry and to help us separate hype from reality..

Read more >>>


HSBC leads the way in forex transactions using blockchain

blockchain - shipping and freight resource

Previously we shared an article about India’s first blockchain enabled Letter of Credit and also the First blockchain enabled trade finance transaction.. Both of these activities were carried out by HSBC..

HSBC seems to be leading the way in terms of blockchain-based tools to handle financial processes relating to foreign-exchange trades..

Read more >>>


ZIM Line progresses to next phase of its Blockchain initiative

blockchain - shipping and freight resource

The world of digitisation and technology is upon us and the shipping and freight industry has been playing catch up compared to the other industries..

In November 2017, ZIM Line announced that the first pilot of paperless Bills-of-Lading based on blockchain technology was completed in cooperation with Sparx Logistics and Wave Ltd..

The pioneering pilot, the first of its kind led by an ocean carrier, was concluded successfully as part of ZIM lines new platform along with a selection of their leading customers to test this solution for trade activities on multiple shipping lanes..

Following this successful pilot, ZIM line has been evaluating its platform in different trade lanes with more customers and is now ready to move to the next phase of its blockchain initiative..

Read more >>>


New paperless system saves South Africa’s fruit export sector R250m

shipping and freight news - shipping and freight resource

In a demonstration of what positive things can happen when the Government and Agricultural sector partner in innovation, a new paperless system is set to save South Africa’s fruit export sector ZAR250 million..

After a successful pilot and implementation by Department of Agriculture, Forestry and Fisheries (DAFF), the roll out of a new e-Certification IT platform to the fruit industry in 2019, will save the industry at least R250 million over the next five years..

Read more >>>


CargoX’s blockchain Smart B/L app is open for business and here’s what it can do..

CargoX Smart Bill of Lading - Shipping and Freight Resource

You may have read my review about CargoX’s blockchain based smart bill of lading where I explained how it works..

CargoX is an independent supplier of public-blockchain-based solutions for logistics looking to transport the global supply chain industry into the 21st century..

CargoX’s Smart B/L™ is the first open, neutral blockchain platform in the shipping industry for real-world commercial use and it is now open for business..

Read more >>>


Digitalization club for container industry in the making

shipping and freight news - shipping and freight resource

Major shipping lines from within the container shipping industry namely, Maersk Line, MSC, CMA-CGM, Hapag Lloyd and ONE are locked in discussions to create an association looking to pave the way for further digitalization, standardization and interoperability within the industry..

Read more >>>


CargoX wins the IRU World Congress Startup competition

shipping and freight news

CargoX wins the IRU World Congress Startup competition among 77 competitors, impressing more than 1000 attendees from over 60 countries.

The IRU organization is constituted of more than 100 national transport associations and transport operators. Igor Jakomin, Ph.D., COO of CargoX, pitched the CargoX platform to a jury of venture capitalists, business professionals, and industry experts.

The startup competition was organised by Road Ventures SA, a Captive Venture Capital Fund that supports innovation in mobility. The competition was dedicated to launching and advising the world’s next wave of leading entrepreneurs.

Read more >>>


Now ports also get in on the Blockchain action

shipping and freight news - shipping and freight resource

Many people may remember fondly while some may choose to forget the famous tech bubble of 2000, when a long list of internet and tech related stocks peaked and then crashed into a bear market..

Many companies like Microsoft, Cisco, Intel, Qualcomm, Apple etc were part of this bubble.. Some of the bubbles burst, while some survived..

Will Blockchain prove to be one such bubble that will last or burst…………………..

Blockchain has been

  • successfully used by Banks and Shippers to create Trade Finance documents ;
  • creative enough to get a Tech company and the World’s largest container line to invest in it ;
  • successfully used by companies to create and transmit smart bills of lading with it ;

Now it seems to be the turn of ports and port authorities to get in on the Blockchain action..

Read more >>>


India’s first blockchain enabled Letter of Credit transaction completed

shipping and freight news - shipping and freight resource

Blockchain – that newfangled concept seems to be catching on quickly and moving along quite nicely in the shipping and freight industry..

A Blockchain is a ledger that uses cryptography, the internet and naturally computers to create, share, transfer, track and secure assets and transactions (represented/organised as blocks) belonging to everyone to fulfil a certain function..

Unless the previous transaction is not completed in the chain and shared forward with a timestamp, the next transaction cannot happen..

In the first transaction of its kind in India, HSBC India and ING Bank Brussels have enabled, successfully executed and completed a full blockchain driven trade finance transaction between India’s Reliance Industries and USA’s Tricon Energy..

Read more >>>


MSC continues its investment in smart containers

shipping and freight news - shipping and freight resource

Smart containers are dubbed as one of the innovations that is set to change the way in which we carry out traditional container shipping services..

This innovative technology is said to transform a standard ISO container into a smart, connected object which collects and communicates real-time data on its position and movements throughout its journey..

MSC’s is partnering with TRAXENS to convert 50,000 of its dry cargo containers to smart containers..

Read more >>>


Share