CargoSmart is the technology provider for one of the big
trade blockchain networks that includes five of the top ten shipping carriers. The company collaborated with Kerry Logistics and Deloitte to successfully connect multiple distributed ledger technology (DLT) networks in a Proof of Concept (PoC) that completed in December 2018. As a result, the benefits of digital document exchange and tracing can be shared through interoperability between the different networks.
Hong Kong-based Kerry Logistics has more than 32,000 employees, and its 2017 turnover was more than $4 billion. 94% of its facilities are based in Mainland China, Hong Kong, Taiwan and Asia.
The project aims to enhance the efficiency of the shipping industry. Indeed, digitizing documents could have a massive impact on logistics and trade. DLT and digital methods will remove the need for inefficient paper systems while a shared source of data will mean that proof-of-origin checks, bills of lading and approval processes can all be faster.
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