G2 Ocean and Manuchar NV have successfully finished a trial of CargoX’s blockchain-based Smart Bills of Lading (B/L). G2 Ocean, the joint venture of two bulk and breakbulk (non-containerised) shippers Gearbulk and Grieg Star, tested the technology with Manuchar, an emerging market-focused trading and distribution company. The experiment involved five separate shipments from Peru to China.
According to the two companies, the test was so successful that they declared the paper B/L to be an ‘anachronism’ making ‘it possible to retire [them]’. Indeed, while paper B/L sent using couriers take days or weeks to complete document ownership transfer, CargoX’s solution took a matter of minutes. This saved time reduces the cost of delays and the potential for demurrages – charges that are paid to ship-owners for delays in loading/unloading.
The blockchain solution is also more secure and transparent. Stakeholders throughout the process can easily check the B/Ls, and it is harder to forge or edit an electronic document than a paper one.
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