How Blockchain Contracts and IoT Could Save Global Shipping Billions
A “case study event” in Hong Kong this month will look at blockchain’s potential to solve problems in the global freight shipping industry. The November 24 event, titled “Chain of Shipping,” will take place as part of Hong Kong Maritime Industry Week. Shipping: Paper and Digital Threats to a Massive Industry. The shipping industry still relies heavily on....
Related News
Blockfreight, designed as the first end-to-end blockchain solution for the global cargo shipping industry, has announced its technology and has launched an initial token sale. The initial token offer of up to $1.9 million of Blockfreight Tokens [BFT:XCP] is available at a discount to its $1.00 (USD) retail value, according to Julian Smith, the company’s co-founder, and CEO. A Global Shipping Evolution. The global shipping industry is responsible for the movement of more than $4 trillion of cargo each year. Blockfreight marks one of the most significant developments since the invention of....
US oil trader Trafigura has teamed up with French bank Natixis to use Blockchain for “streamlining” its sales process. After a series of successful trials which began in November, both sides are now convinced that the technology could significantly impact on the efficiency of selling crude oil. Currently, the sales chain involves “exchanging contracts, letters of credit, inspection and other paperwork by email or fax,” the Financial Times reports. “By using Blockchain, the goal is to streamline the workflow,” Arnaud Stevens, New York head of global energy and commodities at Natixis, told....
Global Shipping Business Network launched a new blockchain-based platform to digitize the shipping process, and sought out key partnerships to target the Asian markets. Global Shipping Business Network (GSBN) has launched a new blockchain-based platform that could potentially track one-third of shipping containers across the globe. The GSBN was founded in October 2020 by eight global national freight maritime cargo companies to build a blockchain platform that digitizes shipping processes such as document issuance, clearance and logistics data. Members of the Hong-Kong-based non-profit....
A research company, called Blockfreight, is unveiling their new blockchain platform. It is billed as the world’s first end-to-end blockchain solution for the global cargo shipping industry. Blockfreight Wants to Automate the Global Supply Chain With Blockchain-Based Cargo. According to the press release, the team seems to believe that the Blockfreight blockchain will be one of the most significant innovations to the freight industry since the advent of ISO containers sixty years ago, which standardized handling requirements. While ISO containers standardized dimension and handling....
Two leading global container carriers have joined the TradeLens platform to digitize their supply chain. Two of the world’s largest container carriers announced a full integration onto IBM and Maersk’s TradeLens blockchain platform. CMA CGM, a French container and shipping company, along with MSC Mediterranean Shipping Company have joined the TradeLens network to enable a complete digital transformation of their supply chains.Marvin Erdly, head of TradeLens for IBM Blockchain, told Cointelegraph that as supply chains become digitized, manual paper-based processes, like processing bills of....