The blockchain network seems to a promising technology transformation for various sectors. The blockchain bandwagon is gradually picking up momentum with both developed & developing economies. The recent update has come from a lead port operator in the UK dubbed as Associated British Ports (ABP) which is about to integrate a blockchain ledger technology in their systems for efficient shipping logistics and operations.
According to Dry Bulk Magazine, it is stated that Associated British Ports has signed a Memorandum of Understanding (MoU) with the digital logistics enabler Marine Transport International (MTI) in order to form Europe’s first comprehensive pilot project. The chief objective of this programme is to scrutinize the implementation of blockchain network for improving a port connectivity.
ABP Commercial Director, Jens Skibsted Nielsen, stated that the company is handling 100 million of cargo across various sectors each year. Therefore, their performance is a crucial gateway of customers supply chains. He also added that this MOU is an expression of the company’s commitment towards a unique technological advancement and improvement in the operation of UK’s supply chain.
ABP is currently operating at nearly 21 ports across the UK which is approximately 25 percent of the country’s seaborne cargo. Evidently, this is a really big number for any logistics sector which means there has to be a smooth and quick operation for all types of cargo. The leader of this project Ron Crean asserted on the fact that their aim is to maintain frictionless trade for all the clients.
Role Of Blockchain Network In The Deal
The existing shipment ecosystem of the company doesn’t have any provision for P2P communications. Therefore, the participants need to countercheck all the information’s port operators that have different systems which result in a delay. Blockchain network specializes in P2P communications and the data can be shared, monitored and accessed by all the participants in real-time. The testing of this system will be done with the sample shipments first before executing in the original platform. (Bitcoin Exchange Guide)[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]