CargoSmart, the software wing of the Hong Kong-based Orient Overseas Container Line, aims to transform the cargo release process using its new blockchain application.

According to a written report published by Splash 247 on Apr 7, CargoSmart partnered with Cosco,  Shanghai International Port Group (SIPG), and the electric vehicle and clean energy behemoth Tesla to conduct a pilot projection for the application.

Digitizing the shipping industry

The traditional documentation processes of the shipping industry are cost and fourth dimension-intensive, which makes the whole manufacture less efficient. CargoSmart has been conducting research and development for its application to reduce consignee and shipment agent verification steps.

The firm aims to digitize the documentation procedure and reduce the overall time for picking up cargo from shipping terminals and thus reduce commitment times.

Speaking of how their blockchain-based application would assistance the shipping manufacture globally, Cargo Smart stated:

"The awarding volition undoubtedly advance the digitalization of shipping manufacture processes and the further optimization of currently stressed global supply bondage."

Plans for the future

In Dec 2022, Tesla was able to accelerate its cargo pick up process with the help of Cosco and SIPG streamlining its process on CargoSmart'south platform. Since so, the company has added more than features to its awarding so that it tin can now "display laden gate out, appointment date, and terminal release, enabling shippers to accept better visibility of their cargoes."

The company is planning to make farther improvements to its applications and behave more pilot tests at ports in Xiamen, Qingdao and Laem Chabang in Thailand. They likewise intend to constitute a blockchain consortium — the Global Shipping Business organization Network — and present their awarding to all consortium members.

In Dec terminal twelvemonth, Cointelegraph besides reported that the Asian shipping behemothic Cái Mép International Concluding had joined IBM and Maersk'southward blockchain platform TradeLens.