Specifically, COSCO and SIPG streamlined the cargo the cargo release process, giving the ability to Tesla to accelerate its cargo pick up procedures.

The pilot is a key component of our journey towards paperless, trusted, and seamless trade processes at the Port of Shanghai, and it demonstrates the benefits for supply chain stakeholders around the world.

...said Henry Huang, Executive DGM of Operation & Business Department of SIPG.

Moreover, the pilot platform allowed  SIPG to view a single, trusted source of COSCO’s sea waybill data bringing faster preparation of delivery orders for consignees and their shipping agents.

Through their blockchain pilot, collaborators aim to minimize consignee and shipping agent verification steps with their ocean carriers and boost the release of sea waybills.

At the same time, the network goals to provide a platform for the shipping supply chain participants so as to collaborate efficiently on accelerating the digital transformation of the maritime industy.

The pilot with SIPG and CargoSmart showcased significant efficiency gains not only in the cargo release process, but also for downstream supply chain planning by presenting a single source of truth for documentation for all involved parties.

...Wu Yu, General Manager of Business Process & System Division of COSCO continued.

Yet, the project is waiting to receive a regulatory approval as it is part of the Global Shipping Business Network (GSBN) blockchain consortium.