As we all know blockchain and crypto are not new on the horizon, everyone heard at least one time about them and recently they’re saying this year is a turning point for everything that includes, blockchain, crypto currencies, NFT’s and everything else related.
Since the first use in 2018 of a smart bill of landing based on a blockchain technology there has been continuous and important progress made in the industry by the virtual realm of technology. The bill of lading of the shipment was issued and transferred within minutes electronically instead of days or weeks. Making the possibility of loss, theft or damage of the document, reduced or close to zero.
There were also others that used Ethereum blockchain this time, it was for a trial sale, a beginning of smart contracts. The information was exchanged from the port where the units were shipped, amount was held as a deposit in the blockchain and been successfully returned to the user after units have been delivered to the destination. The test was for 2 x 40ft HC shipping containers moved from Malaysia to Brazil.
The creation of TradeLens, by IBM and Maersk , created a shipping solution based on blockchain technology that aims to promote efficient and secure global trade, support information among all parties and enhance data transparency and of course promote industry innovation, and 94 organizations around the world are already using, or interested in the platform.
First world’s blockchain platform for marine insurance, developed by EY and Guardtime, was launched with Maersk , ACORD, Microsoft, MS Amlin Willis Towers Watson and XL Catlin, and passed the 20ft Proof of Concept certification. The platform is built on Microsoft Azure global cloud technology and provides important value to the industry, offering more secure and transparent insurance for all players.
Belgium also couldn’t stay aside and are working on implementing a smart contract based on blockchain technology, so for example documents , such as certificate of origin and phytosanitary certificates can be automatically transmitted from Port of Antwerp, to ensure the safety of the food supply chain.
We will see in our next articles, what other related applications were built using blockchain technology and how it improves the industry, talk about Shipping Containers being used for Crypto mining, what NFT means and the world’s first NFT cryptoship is and many more, stay tooned and subscribe to our blog, it will only help you gain more information and improve your vision about different other things.
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