Tesla, CargoSmart & Cosco Trial Blockchain Tech in Cargo Delivery Procedures
CargoSmart, the software division of the Hong Kong headquartered Orient Overseas Container Line, intends to overhaul the cargo delivery procedure utilizing blockchain application.
As per a document released by Splash 247 on April 7, CargoSmart collaborated with Cosco, Shanghai International Port Group (SIPG), and the electric vehicle manufacturer Tesla to carry out a trial venture for the application.
The conventional documentation procedures of the shipping sector consume considerable time and cost, making the entire industry less competent. CargoSmart has been carrying out research and development of its application to minimize shipping broker and consignee authentication stage.
The company intends to digitize the documentation procedures and minimize the aggregate time for collecting goods from shipping ports, thereby minimizing delivery period. CargoSmart explained how their blockchain powered app will assets the shipping sector across the globe:
“The application will undoubtedly accelerate the digitalization of shipping industry processes and the further optimization of currently stressed global supply chains.”
Last December, Tesla improved its cargo pickup procedure with Cosco and SIPG simplifying the procedure on CargoSmart’s software. Afterwards, the company included additional features to its app so that it can currently “display laden gate out, appointment date, and terminal release, enabling shippers to have better visibility of their cargoes.”
The company intends to implement additional enhancements to its applications and carry out trials at ports in Xiamen, Laem Chabang and Qingdao in Thailand. They also aim to set up a blockchain association, the Global Shipping Business Network, and submit their application to all association members.
Last December, the Asian shipping giant Cái Mép International Terminal became a member of IBM and Maersk’s blockchain platform TradeLens.