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Blockchain for Cargo Transport Documentation !
A lot of Documentation will be involved in the process of the Cargo movement across the oceans. Studies claim that the Containers will be delayed mostly in waiting time due to the nonavailability of Proper documents on time to release/clear the same.
What if the same is kept under the Blockchain platform?
The entire process and documentation flow if bought under Blockchain platform will result in tamper-proof records and prompt availability of information across all the parties of trade and customs clearance
Recently, The Indian Port Community System has integrated blockchain platform CargoX in a bid to digitize its cargo documentation. The integration of CargoX with the PCS will allow the stakeholders to electronically manage the bills of lading along with other shipment documents, thus reducing time and cost consumption in the process.
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The Indian Port Community System has integrated blockchain platform CargoX in a bid to digitize its cargo documentation.
As the COVID-19 pandemic takes a toll on the workflow of the Indian cargo shipping industry, India’s maritime industry is looking to utilize the CargoX platform for Blockchain Document Transfer (BDT).
According to a report from World Cargo News, CargoX has integrated its BDT into the Indian Port Community System (PCS) — a subsidiary of the Indian Ports Association aimed at digitizing India’s maritime infrastructure.
Tested and proven
Portall Infosystems, the company that developed the PCS, along with global shipping companies successfully tested the CargoX platform for transferring electronic bills of lading.
The company had run proofs-of-concept to ensure the system’s compliance with the Indian Ministry of Shipping’s digitization initiative. The tests were conducted for “various use-case scenarios, including breakbulk and container shipments, export, and import from and into India,” stated CargoX.
Presently, the PCS is integrated at 19 major and minor ports across India that have more than 16,000 corporate stakeholders. The integration of CargoX with the PCS will allow the stakeholders to electronically manage the bills of lading along with other shipment documents, thus reducing time and cost consumption in the process.
Leading shipping firms are joining blockchain platforms
Some of the largest shipping firms worldwide have joined blockchain platforms for digitizing their documentation process. In 2019, the world’s second and fourth-largest shipping companies, Mediterranean Shipping Co. and CMA CGM joined IBM’s TradeLens platform.
The pandemic has only made more companies to digitize their workflow as the traditional systems failed to deliver due to social distancing practices. In May, two of the world’s largest port operators Adani Ports and Special Economic Zone Limited and DP World also partnered with TradeLens to utilize its blockchain-based supply chain solutions.
