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 transferred beverages from Belgium to Israel. It has handled everything related to the supply chain. It is carried out through an end-to-end and tamper-proof LogChain platform. It has used an electronic bill of lading (e-BL) and a Letter of Credit (LC).

The platform reduces 7 to 9% of shipping costs. It takes a few minutes to complete the whole documentation process which usually takes 2 weeks and removes the need for that original documentation which requires carriers. It is running on the Microsoft Azure cloud solution and using Ethereum private consortia. It has smart contracts which are used to manage all features. The freight-forwarder, exporter and the importer involved can invoke these features. Participants can see and access these features in the supply chain until the shipping company releases the shipment successfully.

The blockchain technology company LogChain was founded in 2018 supported by technology and IT leader Aman Group. Aman Group provides different kinds of services and solutions in digital, blockchain, data, software development, cybersecurity and knowledge management. It helps those enterprises who want to improve their performance and create value for their customers, 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.”

The Info-communications Media Development Authority (IMDA) is a statutory board of the Singapore government who has partnered with 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). IMDA has signed a memorandum of understanding (MoU) with MPA, Singapore Customs and the Singapore Shipping Association (SSA) in January 2019. 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 and legal frameworks, standards, and future-ready digital infrastructure. The main objective of TradeTrust is to mitigate inefficiencies and complexities related to cross-border trade. Participants will be provided with a 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. ]
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Shabnam Dhar is a Copy Editor for OWLT Market.

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