The British port operator, British British Ports (ABP), has signed a memorandum of understanding with the marine shipper Marine Transport International to explore an & rsquo; technological blockchain aimed at improving the connectivity of 21 functioning ports.
The MOU will see ABP try a blockchain solution developed by MTI, thus helping to alleviate one of the biggest headaches in the logistics sector: lack of interoperability of the system. The solution is expected to improve efficiency since no time will be wasted to manually reenter the data. Currently, the port operator manages a quarter of the maritime traffic in the United Kingdom and this is almost 100 million tons of goods in the year
"The logistics sector is flooded with proprietary technology that forces users to work in a certain way – with blockchain, we can connect all these systems to ensure that data is shared accurately and quickly, helping to speed up and simplify the flow of exchanges inside and outside the Kingdom United, "MTI's founder and CEO, Jody Cleworth, said in a statement.
This is not the first blockchain process of MTI though. A year ago, the forwarding agent completed a pilot program aimed at the automation and digitization of the entire supply chain process, from the shipper to the carrier, from the carrier to the carrier, on a distributed register and decentralized as reported by CCN.
The verification of the success of the pilot project was conducted by scientists from the University of Copenhagen and BLOC technology leaders (Blockchain Labs for Open Collaboration). At that time, Cleworth noted that blockchain technology had the potential to revolutionize supply chain activities by helping generate savings of up to 90%.
In addition to Associated British Ports, other port operators in the world who have launched similar blockchain efforts in the recent past include Abu Dhabi Ports, which three months ago launched a blockchain solution that increases efficiency by allowing monitoring in real time of loading and eliminating bureaucratic procedures. Last year, in September, the Dutch Harbor Authority of Rotterdam also unveiled an effort to explore blockchain technology with the goal of improving efficiency.
Inefficiencies of world trade
Inefficiencies in global trade processes are accused of holding back the expansion of trade volumes as a new report by the World Economic Forum published earlier this month while advocating blockchain technology:
"Manual processes based on paper, some created centuries ago, lead to complexity and delays, introduce errors and risks, and hinder the collection and monitoring of real-time and reliable information needed for financing decisions credible.
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