Newsletter - August2018

Centrolene
NewsEdge Know more.
Page: 10
CargoSmart projects a 65% reduction in the amount of time required to
collect, consolidate, and confirm data from multiple parties and to handle
shipping data that is repetitive in different documents by leveraging its
blockchain shipment documentation solution.
It noted that shipping document handling processes were currently complex
and include dated paper processes that involve many stakeholders across
countries, adding: “In addition, companies in global shipping have very diverse
technical capabilities and data standards, exchanging documents in many
formats including email, online forms, and Electronic Data Interchange (EDI).”
On average, a single shipment can involve more than 30 documents
exchanged by all parties, often with multiple revisions due to human errors,
before it leaves port, the company noted. It said document handling was
particularly extensive for shippers and their logistics service providers with
specialized cargo. For example, shipping dangerous goods requires numerous
certificates to state that declared goods are classified and packed correctly.
“Some of the shipping document contents are filled repeatedly into different
declaration forms,” the company added. “CargoSmart’s blockchain solution
reduces the risk of misdeclaration and speeds up the filing process. When
documents are submitted accurately and timely, the cargo can continue to
move according to plan.”
Steve Siu, chief executive officer of CargoSmart, commented: “Blockchain
technology provides immutable records and a trusted network to offer secure
and traceable documentation. Providing a solution for supply chain parties to
auto-fill repeated and verified information can dramatically increase data
accuracy and efficiency for the whole logistics process.”
To develop the initiative, CargoSmart has been working closely with Oracle,
which recently launched Oracle Blockchain Cloud Service. Oracle’s blockchain