Shipping lines such as A. P. Moeller – Maersk A/s together with technology companies to revolutionize the shipping industry and the modernization of the logistics network.
Despite exponential progress in the transport sector, such as the introduction of robot-controlled ports, fast ships computer databases for tracking of goods, etc. the industry still depends on millions of paper documents.
Now shipping companies are considering moving into the digital era and to develop a system that will integrate blockchain technology into one big platform.
“This is the biggest innovation in the industry with containerization,” said Rahul Kapoor, an analyst at Bloomberg intelligence in Singapore. “It basically brings more transparency and efficiency. Container shipping lines come out of their shells and play catch-up in technology.”
The company is huge, since it involves the transformation of the working methods of producers, banks, insurers, brokers and port authorities.
The blockchain is defined as a digitized, decentralized Ledger that records all transactions with the cryptocurrency. The blockchain record of all digital transactions and exchange of goods, services and personal data as it happens.
Technology is already being used in health care, music and human resources industries, to name just a few.
APL Ltd. which owns the third largest container line CMA CGM SA, along with Anheuser-Busch InBev NV Accenture PLC, the European customs organization and other companies, said last month that they were testing blockchain platform.
Hyundai merchant marine co, South Korea. also tested the system, developed with Samsung SDS together.
According to maersk, the world’s largest container shipping company, record keeping and document management are one of the biggest loads.
A single shipment may require hundreds of pages that must be physically delivered to dozens of different agencies, banks, customs departments and other units.
This lag process was one of the causes of Maritime navigation in other industries, the transition to digital format.
Sourse: sputniknews.com
