ZIM is another company to be joining TradeLens, a platform that was launched last year, as a joint venture between Maersk and IBM. Israeli carrier ZIM has signed up to participate in TradeLens, a blockchain-enabled documentation system designed to smooth bureaucracy between carriers, freight forwarders, customs officials and port authorities.
DNV GL announced that it joined INATBA, the International Association of Trusted Blockchain Applications. This is an EU backed initiative, aiming to establish a framework that will enable blockchain to flourish. The members of INATBA aspire to promote an open and transparent governance model that serves stakeholders in the private and public sectors.
DNV GL launched an artificial intelligence research centre in Shanghai, aiming to find solutions to improve its audit, inspection and survey services. DNV GL aims to develop new solutions based on AI technology, such as computer vision. The new research centre will grow up to eight staff by the end of 2019. In addition, blockchain has become a key technology to the company’s assurance operations.
Israeli-based blockchain start-up ‘LogChain’ completed its first full cycle of an international blockchain-backed maritime shipment. The shipment consists of beverages from Belgium to Israel and was completed with the use of end-to-end digitized LogChain platform which handled all features of the supply chain, including electronic bill of lading and Letter of Credit.
Blockchain could boost transparency of the aquaculture sector by providing a means to trace and record the entire fish supply chain, according to a new report by DNV GL and Deloitte. The report suggests that data from the ‘bait to plate’ could be stored in a publicly available blockchain.
The maritime industry does not feel prepared for digitalization was the main finding of Global Maritime Issues Monitor 2018 report, launched in conjunction with the Forum’s Annual Summit in October. The survey shows that ‘big data’, ‘blockchain’ and the ‘IoT’ are expected to have the most significant impact on the sector in the next ten years.
Partnerships and collaborations among players in the T&L value chain, including competitors, are needed to provide the foundation for the ecosystem. Many collaborations, such as Ocean Alliance and Yang Ming or Modern Terminals and TradeLens highlight the importance of partnership in order to achieve efficient operations.
Although blockchain poses challenges in the transportation and logistics sector, it also provides benefits. Since 2013, venture capital investors have poured approximately $300 million into startup companies offering blockchain solutions relevant to T&L.
In September and October 2018, BCG conducted an online survey of global companies in the T&L industry in order to assess their understanding of blockchain and their progress in adopting the technology. In order to acknowledge the promise of blockchain, T&L stakeholders must collaborate to develop an ecosystem that forges trust and creates mutual benefits across the value chain.
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