Associated British Ports (ABP), a private UK port operator, has signed a Memorandum of Understanding with forwarding agent Marine Transport International to explore a blockchain technology application to improve the connectivity of the 21 ports it operates.
The MoU will see ABP try out a blockchain solution developed by MTI, helping to mitigate one of the biggest problems in logistics - the lack of interoperability of systems. The solution should improve efficiency because the time needed to manually re-enter the data will not be lost. Currently, the port operator manages a quarter of the UK's seaborne trade, which accounts for nearly 100 million tonnes of freight a year.
"The logistics industry is flooded with proprietary technologies that force users to work in a certain way. With the blockchain, we can connect all these systems to ensure accurate and fast data sharing, which speeds up and simplifies trade. of the United Kingdom, "said MTI founder and CEO Jody Cleworth in a statement.
Successful test
This is not the first test of the MTI blockchain. A year ago, the freight forwarder completed a pilot program to automate and digitize the entire supply chain process, from the shipper to the carrier, from the operator to the carrier, on a large distributed book. decentralized.
The verification of the results of the successful pilot project was carried out by scientists from the University of Copenhagen and BLOC (Blockchain Labs for Open Collaboration) technical managers. At the time, Cleworth noted that blockchain technology can revolutionize supply chain businesses by delivering cost savings of up to 90 percent.
Abu Dhabi Ports, which three months ago launched a blockchain solution that improves efficiency by enabling real-time freight tracking and eliminating paperwork, is one of the other port operators in the world that recently launched Similar. Last year, in September, the Rotterdam Port Authority of the Netherlands also unveiled an effort to explore blockchain technology to further improve efficiency.
Ineffective global trade
Inefficiencies in global business processes are being blamed for slowing trade volumes, noted a new World Economic Forum report released earlier this month calling for blockchain technology:
"Paper-based manual processes, some centuries old, lead to complexity and delays, introduce errors and risks, and prevent the collection and tracking of reliable, real-time information needed for credible funding decisions. .