Mitsui O.S.K. Lines, Ltd. (MOL) announced that it is going to participate in the “consortium to develop trade data sharing platform using blockchain technology,” in which NTT DATA Corporation serves as the administrative office.
The consortium is comprised of 14 trade-related companies such as banking, insurance, total logistics providers and export/import companies and it is Japan’s first initiative on using blockchain technology on trade operations.
As explained, current trading practices rely heavily on bills of lading and other documents. This creates burdens, such as additional time to complete procedures, and requires additional labor and costs.
This program aims to increase convenience for operators by using blockchain technology to make information flow more smoothly through corporations and across business categories and making trade-related office procedures swifter and more efficient.
Details to study:
- Addressing obstacles to practical use
- Validation of applicability for practical use including operational efficiency
- Study of systematization in the future, etc.
The Japanese consortium is comprised of
The 14 companies which have joined the consortium so far are:
- Kawasaki Kisen Kaisha
- Marubeni Corporation
- Mitsui O.S.K. Lines
- Mitsui Sumitomo Insurance Company
- Mizuho Financial Group/ Mizuho Bank
- Nippon Express Company
- NTT DATA Corporation
- NYK Line
- Sojitz Corporation
- Sompo Japan Nipponkoa Insurance
- Sumitomo Mitsui Banking Corporation
- The Bank of Tokyo-Mitsubishi UFJ
- Tokio Marine & Nichido Fire Insurance
- Toyota Tsusho Corporation
