New ground has been broken in developing blockchain for shipping after a pilot used the technology to carry out a paperless bills-of-lading.
Israeli container shipping company ZIM announced that it completed the feat for the first time by using blockchain-based software from Wave to send a document that acknowledged receipt of cargo for shipment.
Wave connects all members of the supply chain to a decentralized network and allows them a direct exchange of files.
During the trial, all participants issued, transferred and received original electronic documents using Wave’s application, which manages ownership of documents on the blockchain to eliminate disputes, forgeries and unnecessary risks.
The containers, shipped by Sparx Logistics from China to Canada, were delivered to the consignees “without a hitch,” ZIM reported in an announcement about its breakthrough.
ZIM said it is “convinced” that the blockchain technology and the Wave application are “the solution that will drive trade to the digital era.”
The new blockchain-based system developed by Wave uses distributed ledger technology to ensure that all parties can issue, transfer, endorse and manage shipping and trade-related documents through a secure decentralized network.
Wave’s application is free for shippers, importers and traders and requires no information-technology or operational changes.
ZIM CEO Eli Glickman said he’s “proud that ZIM leads the way in introducing blockchain technology to the shipping world, and congratulate our partners in this exciting initiative, Sparx Logistics and Wave.”
ZIM CIO Eyal Ben-Amram said, “Promoting innovation and technology in our industry is an integral part of ZIM’s vision.”
“While we are still in the process of evaluating the technology, we are confident that this type of forward-looking ideas will advance our industry as a whole toward a more efficient and modern phase,” he added.
Wave CEO Gadi Ruschin thanked ZIM “for leading the industry adoption of the Wave application and network.”
“Moving to a digital bill of lading would be hugely beneficial in supporting the supply chain in general, through reduced costs, error-free documentation and fast transfer of original documents,” he said.
“We look forward to continuing the process and invite more of ZIM’s customers and partners to join the pilots and use Wave for their business needs,” Ruschin added.
PORT TECHNOLOGY NEWS