OOCL sees benefits if blockchain is adopted

Top container line Maersk is not the only one in the industry that is looking at greater use of blockchain technology, with Orient Overseas (International) Ltd (OOIL) also doing its part to advance the greater use of the technology and looking at various applications using blockchain.

The concept however is still in its very early stages and would need to see greater gains made in adoption, even more than on the technological side.

“The shipment process, which is part of the logistics chain is a very, very complicated chain that involves multiple parties and different activities,” noted OOIL cfo Alan Tung on the sidelines of the company’s results briefing.

“Bearing this in mind if there was a breakthrough in blockchain and a widespread adoption of this technology I think it will bring benefit not just to the carrier but to shippers, the banks, and consumers,” he added, noting it could help with efficiency and authentication.

“If the industry can adopt a certain standard it will bring real benefit. Let’s see how this goes but overall I think it’s very good for the industry,” Tung concluded.

Posted 12 March 2018

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Vincent Wee

Asia Editor, Seatrade Maritime News

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