Logistics company Marine Transport International has announced the successful pilot of blockchain technology, which it claims demonstrates the technology’s ability to connectivity, efficiency and security of supply chains.
The company has released a whitepaper outlining how it deployed a Container Streams system in their supply chain environment.
The pilot consisted of suppliers, shippers, load point, customs and terminal being linked together on a blockchain ledger. All parties involved benefitted from the automation of workflows and the interoperability of data sources.
Another benefit highlight by Marine Transport International is the increased security of the system. The company reports that the shipping industry has been the victim of a number of industrial scale cyberattacks in recent months which have resulted in large shipping lanes out of action.
The results of the pilot have been verified by scientists at the University of Copenhagen and Blockchain Labs for Open Collaboration.
Marine Transport International CEO Jody Cleworth said:
“The business case for connecting supply chains using blockchain is very strong. As the interface is easily adaptable to existing systems there is a very low barrier to entry. Any type of supply chain business, be it marine-, air-, or land-based, can take advantage of such a system – the cost savings that we envisage are as high as 90%, as a result of substantially streamlined processes.”
Karim Jabbar from the University of Copenhagen’s department of computer science said:
“This pilot demonstrates the great potential for distributed ledger technologies to be used in improving supply chain processes. The Container Streams system is unique in the fact that it does not require the complete replacement of existing systems – instead, MTI’s solution allows complete interoperability with existing legacy infrastructure.
“The logistics industry as a whole can expect better visibility, connectivity and cost savings as a result of distributed ledger adoption.”
Deanna MacDonald, CEO of Blockchain Labs for Open Collaboration, said:
“The future potential of this ecosystem platform will rest upon collaboration from the different actors in these supply chains in order to clearly identify the problems and co-create applications that solve for the collective challenges they are facing today.”
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