Blogs

We have been tracking the Blockchain movement in the Ocean Shipping Industry and we have seen an upwards trend in the development. What is the update on blockchain’s progress in the industry? South Korea Pilots Blockchain in Busan An announcement has been made by the South Korean government that it will launch a blockchain pilot project in the Port of Busan that aims to improve efficiencies and cutting waste. They aim to understand if the technology can make the supply chain more transparent, as well as quicken administration process, and create an environment for real-time data sharing. The entire blockchain strategy is expected to initially cost approximately US$9 million but could save as much as $207 million by 2022. Read More Maersk to Demonstrate Blockchain Labs Pilot Maritime Blockchain Labs (MBL), founded by BLOC and Lloyd’s Register, has announced the establishment of a consortium that will pilot a blockchain-based seafarer certification system. The project aims to streamline processes that can be slowed down by (1) a lack of verification for safety documentation, (2) paper-based certificate management, and (3) a lack of access to validated safety and training certifications. Read More TradeLens to Support Saudi Blockchain Pilot As part of a blockchain pilot program, between Saudi Customs and IT partner Tabadul, Saudi Arabia’s cross-border trade platform FASAH has been integrated with Maersk and IBM’s TradeLens service. The pilot aimed to link FASAH with TradeLens for selected services, ensuring immutability, traceability, reduced reconciliation, auditability, and compliance. The launch of this project represents Saudi Customs’ commitment to achieving ambitious goals set out in Saudi Arabia’s Vision 2030, a nationwide initiative to diversify the Kingdom’s economy, attract international investments and drive overall growth through new technologies. Read More