Blockchain technology is stepping out from the zone of cryptocurrency and is heading towards new domains of the market. Indian market is facing rapid transformation in the field of technology as many organizations are shifting their base to this new technology. In a recent update, it was revealed that four major Indian ports will begin using a trial edition of blockchain based cloud computing system called Port Community System (PCS).
According to DNA India, it is stated that the Port Community System will use blockchain technology in order to assimilate flow of trade information and documents. It will be a center of information for all Indian ports which will contain vital information of the vendors like container details, bank information, shipping lines, regulatory agencies, customs details, import and export orders, etc. This system is likely to be used by all 12 major Indian ports by the end of this year.
In addition to this techie giant, IBM will collaborate with J M Baxi & Company for installation of this blockchain based system. It is known that IBM has already acquired several projects on the encryption based technology and is working on its further enhancement. Joint MD of J M Baxi & Company Dhruv K. Kotak mentioned that the new system will begin testing at few ports of Jawaharlal Nehru Port, Chennai, Kandla and, Vishakhapatnam from next month.
How Does A Port Community System (PCS) Work?
PCS is a centralized hub of information acting as a single unit for the port community wherein all the vital details are being stored in a secured manner. The stakeholders can retrieve any information electronically from there which is very efficient in terms of communication and operation. This system has helped in reducing the transaction cost and time required for the vendors. It is anticipated that the upgradation of this system will improve the international ranking of Indian ports in the coming years.
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