CargoSmart, Tesla and Cosco to Pilot Blockchain Tech in Cargo Release Process
CargoSmart’s and Tesla are testing a new blockchain application to streamline the cargo release process.
CargoSmart, the software wing of the Hong Kong-based Orient Overseas Container Line, aims to transform the cargo release process using its new blockchain application.
According to a report published by Splash 247 on April 7, CargoSmart partnered with Cosco, Shanghai International Port Group (SIPG), and the electric vehicle and clean energy behemoth Tesla to conduct a pilot project for the application.
Digitizing the shipping industry
The traditional documentation processes of the shipping industry are cost and time-intensive, which makes the whole industry less efficient. CargoSmart has been conducting research and development for its application to reduce consignee and shipment agent verification steps.
The firm aims to digitize the documentation process and reduce the overall time for picking up cargo from shipping terminals and thus reduce delivery times.
Speaking of how their blockchain-based application would help the shipping industry globally, Cargo Smart stated:
“The application will undoubtedly accelerate the digitalization of shipping industry processes and the further optimization of currently stressed global supply chains.”
Plans for the future
In December 2019, Tesla was able to accelerate its cargo pick up process with the help of Cosco and SIPG streamlining its process on CargoSmart’s platform. Since then, the company has added more features to its application so that it can now “display laden gate out, appointment date, and terminal release, enabling shippers to have better visibility of their cargoes.”
The company is planning to make further improvements to its applications and conduct more pilot tests at ports in Xiamen, Qingdao and Laem Chabang in Thailand. They also intend to establish a blockchain consortium — the Global Shipping Business Network — and present their application to all consortium members.
In December last year, Cointelegraph also reported that the Asian shipping giant Cái Mép International Terminal had joined IBM and Maersk’s blockchain platform TradeLens.