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Blockchain has entered the shipping industry with a bang, leaving those who were once traditional minded very excited. Analysts say that this would be the biggest innovation in the industry since the containerization. What is the update on blockchain’s progress in the industry? Cargo Shipped from Australia to Germany on Blockchain Commonwealth Bank of Australia (CBA) has collaborated with a group of Australian and international supply chain leaders (Orient Overseas Container Line (OOCL), the Port of Melbourne, container terminal operator Patrick Terminals, rail freight business Pacific National and agricultural company Olam Orchards Australia) to ship 17 tonnes of almonds from Victoria, Australia to Hamburg, Germany through a new blockchain platform. The blockchain platform digitizes three areas of global trade (operations, documentation and finance) by storing the information on distributed ledger technology. Alex Toone, Managing Director at CBA of Global Commodities and Trade, said, “By bringing together partners from across the end to end supply chain and developing a new platform underpinned by emerging technology, blockchain and IoT, we were able to prove a concept to modernise global trade.” Source: https://www.porttechnology.org/news/blockchain_overseas_shipment_from_australia_to_germany Accenture Files Blockchain Shipping Patent Accenture Global Solutions has submitted a document for blockchain-based shipping systems to the US Patent and Trademark Office. Blockchain will be used as a means of automating and expediting container shipping, and include a “secure transaction ledger database” that will be accessible by companies wishing to verify the status and condition of goods. The technology operates by trying to match database records with container contents. It monitors information within an encrypted server that protects private information. It even might lead into driverless and autonomous vehicles. Accenture, who in 2017 explored the applications of blockchain in a joint-initiative with Microsoft, is currently working alongside the World Economic Forum (WEF) and United Nations (UN) to develop similar digital identity projects. Source: https://www.porttechnology.org/news/accenture_files_blockchain_shipping_patent 300cubits Reports Blockchain Shipping Success 300cubits has announced that it had managed its first shipment, submitted using a booking deposit in TEU tokens on July 24, from a shipper on its blockchain-based shipping platform. Their first transaction involved a container from Mitsui Chemical on an MCC Transport operated vessel from Singapore to Keelung, Taiwan. In the first two weeks of operation, 300cubits has handled 27 TEU of shipment volume in its Booking Deposit Module. Their solution helps both the shippers and carriers to secure their bookings according to their existing contract rates while not adding any working capital burden on either party Source: https://www.porttechnology.org/news/300cubits_reports_blockchain_shipping_success McKinsey-TT Club: Blockchain Key to Supply Chain Future Supply chain providers will have to fully utilise blockchain and data technologies if they are to remain competitive in the next 25 years, according to a report by international freight insurer TT Club. The fundamental drivers behind value creation by 2043 will be data and analytics, with companies that are able to utilise blockchain technology being able to out-compete their rivals. Source: https://www.porttechnology.org/news/blockchain_key_to_supply_chains_future