Brief

Blockchain achieving new heights of value in logistics arena

Dive Brief:

  • Freight management company Kestrel will soon be employing the blockchain to help its clients meet the SOLAS compliance requirements, in which items for sea transport are weighed in advance of shipping, the Loadstar reported Thursday.

  • SOLASVGM, a new platform created by freight forwarder Marine Transport International (MTI), ensures compliance by tracking data further along the chain, including on weighbridges and loading points to avoid overloading trucks and ships.

  • Blockchain is finding itself welcome in logistics, assisting the supply chain with its ledger-like capabilities, recording transactions which are then shared a variety of parties without central approval.

Dive Insight:

The various ways in which the blockchain's ability to transform logistics is considerable. From the new Procurement app by SAP Ariba, which seeks to simplify and perfect the running of a supply chain, to "Chained Finance," at FoxConn, an alternative banking system available to vendors seeking short-term funding within the supply chain, blockchain is a dynamic approach to be a perfect fit for the industry.  

Danish shipping line Maersk is also testing the technology as a means of managing the company’s cargo. The system was created jointly by Maersk and IBM relying on the Hyperledger Fabric framework. Engaging blockchain to manage freight tracking is highly practical in reducing risk of intruder access to shipping data. Once the blockchain is employed, its digital signature system would prevent the mislabeling of illicit or other goods.

 

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Filed Under: Technology