Blockchain, Featured

How LogChain And Infocomm Media Development Authority Use Blockchain Technology In Shipping Industry

LogChain, the Israeli-based blockchain technology company, completed a pilot program. The program is known as an International Maritime Shipment. The shipment delivered beverages from Belgium to Israel. It has handled everything related to the supply chain. An electronic bill of lading (e-BL), a Letter of Credit (LC) and a tamper-proof platform called LogChain platform were used in the shipment.

The platform can take a few minutes to complete the whole documentation process which usually takes 2 weeks. It can minimize shipping costs. It has smart contracts which are used to manage all features. The Freight-forwarder, the exporter, and the importer involved can invoke these features. It is operated on the Microsoft Azure cloud solution used Ethereum private consortia.

The blockchain technology company LogChain was launched in 2018. It is supported by a technology and IT leader called Aman Group which provides different kinds of services and solutions related to the blockchain, software development, cybersecurity and knowledge management. Performance improvement and value creation for customers are possible through Aman Group and most enterprises seek helps from Aman Group, PRNewswire reported.

Dudi AvniLogChain, the CEO & Co-Founder, said “We are very proud to have successfully completed this important international cycle, one of the very few in the world. We are on the brink of a new digitization era in the trade market, disrupting the old, cumbersome processes, minimizing fraud risks – and literally saving billions of dollars, which we’ve become so used to spending for the mere sake of bureaucracy. As we progress with our unique end-to-end platform, we are working together with leading shipping companies, banks, freight-forwarders and global importers & exporters in order to create a new ecosystem that could enable this much needed revolution.”

A statutory board under the communications and information ministry of the Singapore government called the Info-communications Media Development Authority (IMDA) who has partnered with a statutory board under the transport ministry of the Singapore government called the Maritime and Port Authority of Singapore (MPA) in order to develop the blockchain-based maritime trade platform TradeTrust for an electronic bill of lading (e-BL). In January 2019, IMDA has signed a memorandum of understanding (MoU) with MPA, Singapore Customs and the Singapore Shipping Association (SSA). IMDA and MPA will be leading in the development of TradeTrust. Whereas Singapore Customs and SSA will be supporting them.

TradeTrust will consist of governance & legal frameworks, standards, and future-ready digital infrastructure. The main objective of TradeTrust is to reduce inefficiencies and complexities related to cross-border trade. Participants will be provided with proof-of -authenticity (PoA) and provenance which can be used for documents exchanged, Ame Maritime reported.

[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. ]

Shabnam Dhar is a Copy Editor for OWLT Market.

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