Consulting and auditing firm Deloitte has successfully completed a blockchain-based pilot program developed to connect multiple blockchain platforms for more efficient and transparent worldwide supply chains.
The new integrated platform is envisioned to digitize the process of transferring documents between several companies and for better traceability of digitized documents.
In December 2018, the platform’s proof of concept was finished, in partnership with shipping and logistics companies CargoSmart and Kerry Logistics. The goal of the testing was to connect distributed ledger technologies (DLT) and widely used cloud networks and make these platforms interoperable.
Dr. Paul Sin of Deloitte Asia Pacific Blockchain Lab said in a statement about the project:
“A healthy logistics ecosystem is paramount in global trade, but complicated documentation has been a structural problem. Document digitization is not just the first step, but also a groundbreaking step in the transformation of the logistics industry. In addition to facilitating document coordination, DLT speeds up approvals, provides updated and secure data for informed decisions and offers a source of truth for all participants, especially banks, insurance companies and other financial institutions. We therefore expect even greater benefits from DLT applications for shippers, forwarders, carriers and other players at large in the future.”
Although interoperability is a new concept applied to the global shipping industry, this is not the first time blockchain technology has been utilized for supply chains. Last August, IBM and Maersk developed a blockchain-powered platform called TradeLens, which monitors valuable shipping data in real time. In November 2018, CargoX completed a decentralized and secured public blockchain platform that enables shipping companies to “create, transfer, and state undoubted ownership of information or documentation.”