The consortium of companies joined among others Maersk and Japanese shipping firm Mitsui OSK Lines working with IBM for blockchain solutions. The results of the test of the piloting show that the technology can cut down costs and improve supply chain visibility.
Shipping companies have been experimenting on blockchain and the latest entry is the parent company of beer maker Anheuser-Busch which just finished the piloting exercise.
The company, in a consortium with others, used Accenture’s solution to facilitate 12 real-world shipments. It is to meet different regulatory requirements by various jurisdictions around the world.
Accenture said they confirmed, through this experimentation, that blockchain can reduce the cost of operation and increase supply chain visibility.
In addition, the technology can help reduce mistakes, digitizes information and improves supply chain processes. It thus allows the companies to concentrate on the core business of their operations.
Other firms in the said consortium include APL, logistics company Kuehne+Nagel, and an unnamed European customs organization.
Some firms are seeking to replace the manual and paperwork processes to a wholly digitized process. However, leverage data-sharing and tracking products in blockchain.
For instance, the recent rush has seen a IBM enter into partnerships with companies such as Danish-based Maersk. Maersk has completed five blockchain trials. IBM also partnered with Japanese shipping firm Mitsui OSK Lines for the same.