The consortium involved in this project includes Accenture, APL, Kuehne + Nagel, AB InBev, and a European customs organization. Reportedly, the consortium has successfully trialed the blockchain solution and the results seem to have been quite positive.
It seems that this blockchain-enabled solution has the potential to make many traditional industry transactions more efficient. For example, an international transaction in industry sectors like the automotive, retail or consumer goods normally requires more than 20 different documents, many of which are often paper-based. This paperwork typically covers the policies that need to be followed so that goods can be shipped and transferred from exporter to importer. With this new blockchain solution, the whole process can reportedly be done in a much more efficient manner.
Accenture’s Freight & Logistics CEO, Adriana Diener-Veinott, told Finextra:
“Our trials have proven the viability of a shipping process in which many documents can be replaced by secure and distributed data sharing with clear and defined ownership. This gives companies a significant opportunity to save time and money while improving their service to customers.”
All the companies involved in the testing phase had a specific role within the whole process. Accenture provided consultation regarding blockchain, AB InBev collaborated as a typical exporter, and APL contributed by assuming the role of a shipping organization. As for Kuehne and Nagel, the two companies took the role of a freight forwarder while the European customs organization played its part by requiring all the mandatory regulation required for cargo shipment.
The head of Strategic Liner Management at APL, Eddie Ng stated:
“As a facilitator of global trade and strong advocate of innovation, APL sees much potential in blockchain technology to accelerate the digital transformation of the container shipping industry, moving us from traditional paper-based transactions to more efficient, more secure and faster processes along the entire supply chain. We are therefore happy to be part of the exciting journey to explore how disruptive technology like blockchain can benefit our industry, and ultimately our shippers and their customers.”Notably, blockchain already proven to be an amazing technology that has the potential to disrupt the traditional industry models. With this new blockchain solution, the goods transportation industry could reduce its operating costs and streamline the whole operation.
