The solution establishes a digital baseline for trusted shipment documentation management across the shipping and logistics industry. Shippers, forwarders, carriers, truckers, and customs agencies will be able to collaborate more efficiently through the platform with greater accuracy, accountability and traceability, CargoSmart said in a press release.
Noting how complex shipping document handling processes are, CargoSmart said for example on average, a single shipment can involve more than 30 documents exchanged by all parties, often with multiple revisions due to human errors, before it leaves port.
CargoSmart’s blockchain solution aims to simplify the shipping documentation process, increase trust, and boost efficiency, projecting a 65% reduction in the amount of time required to collect, consolidate, and confirm data from multiple parties and to handle shipping data that is repetitive in different documents by leveraging its blockchain shipment documentation solution.
“Blockchain technology provides immutable records and a trusted network to offer secure and traceable documentation,” said CargoSmart ceo Steve Siu. “Providing a solution for supply chain parties to auto-fill repeated and verified information can dramatically increase data accuracy and efficiency for the whole logistics process.”
CargoSmart is an independently-operated company with Hong Kong-based line Orient Overseas Container Line (OOCL) investing in the development of its open-software platform. Siu is also the line’s cio.
CargoSmart has been working closely with Oracle, which recently launched Oracle Blockchain Cloud Service. Oracle’s blockchain platform enables organizations to easily build blockchain networks to drive more secure and efficient transactions and to track goods through supply chains on a global scale. Its enterprise-grade architecture, interoperability and decentralized governance model make it ideal for organizing and tracking international shipments through all involved parties. CargoSmart will continue working with Oracle to build comprehensive blockchain networks with breadth and depth to serve key customers.
“Maritime shipping is essential to global trade, but it often suffers from inefficiencies in the complex documentation processes across many involved parties,” said Amit Zavery, evp, Oracle Cloud Platform. “CargoSmart’s new solution, powered by Oracle’s blockchain cloud platform can help engender trust and confidence in the ecosystem. It gives users across the entire shipping ecosystem a trusted, secure, scalable, and resilient means to share information, helping to speed up turnaround time, reduce disputes and lower costs.”