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.
Innovation, creativity and digitalisation is in full flow within the shipping and freight industry.. The ubiquitous freight container has remained the same in terms of its design and structure and has not undergone much significant change in the last 50 odd years.. But in the recent past, it is being transformed quite dramatically.. Whether as a smart container or as … Read more here..
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..