Newsletter - August2018
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Centrolene<br />
NewsEdge Know more.<br />
Page: 9<br />
CargoSmart launches blockchain<br />
initiative to simplify ocean freight<br />
processes<br />
Source: Lloyd’s Loading List<br />
Date: 20 th July, 2018<br />
New platform claims to increase document accuracy and traceability,<br />
allowing shippers, forwarders, carriers, truckers, and customs agencies to<br />
collaborate more efficiently<br />
Freight software solutions provider CargoSmart has launched a blockchainbased<br />
solution, backed by Oracle, to streamline and improve the current<br />
complex system of ocean freight shipment documentation and supply chain<br />
processes.<br />
The software specialist, which has received investment from container line<br />
OOCL, said its blockchain solution aimed to “simplify the shipping<br />
documentation process, increase trust, and boost efficiency”, by establishing<br />
“a digital baseline for trusted shipment documentation management across<br />
the shipping and logistics industry”. It would allow shippers, forwarders,<br />
carriers, truckers, and customs agencies to collaborate more efficiently<br />
through the platform, which would provide “a single version of truth and an<br />
immutable audit trail”.<br />
CargoSmart said: “Connected through a blockchain documentation platform,<br />
the entire shipping ecosystem can reduce disputes, avoid late penalties from<br />
customs agencies, expedite documentation turnaround times, and better<br />
manage detention and demurrage costs.”
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