The Israel biggest cargo shipping company Zim along with the selected leading customers continue to work on Blockchain technology.
They have been testing the technology as a solution to be used in different shipping lanes after the successful pilot of paperless blockchain-based Bill-of-Lading (B/L) of the company in collaboration with Wave Ltd and Sparx Logistics. The pilot proved that the technology can replace paperwork in the shipping industry and improve associated trade activities which are carried through emails, fax, and other communication mediums. The company is also planning to focus on those trades which are performed in Asia-South Africa and North America-Mediterranean within the first quarter of 2019, and the purpose behind choosing these trades is their diverse trade activities and involved players.
Wave Ltd developed the new Blockchain-based system which uses distributed ledger technology (DLT) in order to ensure that all parties can issue, transfer and receive original documents electronically with the help of a secure decentralized network. Shippers, importers or traders can use Wave application (PaaS) with no fee. During the trial of the system, Sparx Logistics shipped containers from China to Canada where all participants issued, transferred and received the documents electronically using the application. The trial was successful as it allowed the exchange of the documents on the technology securely.
The company believed that the combination of Blockchain technology and the application is one of the ways to digitize the activities and therefore, the company moved towards the Bill-of-Lading (B/L), according to a report on the official website of Zim.
Zim has already started working with other industry stakeholders in order to exchange knowledge and create the standards of the industry as it aims to pioneer all the efforts related to the digitization of the activities. Recently, the company has given two transactions examples viz., the receiver got the original B/L within a short span of time (approximately 2 hours) as compared to an ordinary delivery process which takes days or even weeks. Another one, the documentation processes like ownership transfers and endorsements were conducted over the blockchain-based platform. Whereas one consignment was carried out from Vietnam to the US East Coast along with the shipping of 11 high-cube special containers from Koper to Haifa, according to a report by Seatrade Maritime.
Blockchain technology is also introduced in the food industry around the globe. Walmart is one of the food industries to use IBM Blockchain technology in order to identify issues involved with food recalls. The technology can acknowledge stakeholders about a particular head of lettuce related to their harvesting. If any of the consumers get sick, then government investigators will investigate quickly as they can trace the source of a contaminated head of lettuce in less time without going through paper trails for several days.[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. ]