Tag: blockchain

After signing a MoU in August 2017, PIL, PSA and IBM Singapore worked on a Proof Of Concept exercise, built on IBM Blockchain Platform, applying and then testing a blockchain-based supply chain platform to track and trace cargo movement from Chongqing to Singapore via the Southern Transport Corridor.

The city of Dubai now has its own cryptocurrency. This new cryptocurrency, called emCash, runs on its own blockchain and is designed for various financial transactions. emCash uses the latest blockchain technology and works as part of payment system called emWallet. The digital currency has varied advantages – faster processing, improved delivery time, less complexity and cost, to name a few. The city will also have a shared platform, called Blockchain-as -a -Service.

Speaking about digital transformation in container shipping, BGC reports that the industry has failed to adapt to the digital age, yet. For this reason, it is important for the industry to follow some steps, which will help container industry modernize.

Logistics provider, Agility became the first freight forwarder to cooperate on a joint solution by Maersk and IBM to provide efficient and secure methods for conducting global trade by using blockchain technology to manage container shipments. Agility will identify events regarding individual shipments and share and receive information about them.

Terminal operator DP World initiated a new program to enhance digital transformation across its business operations worldwide using Oracle Cloud Applications. The new platform will include technologies of Artificial Intelligence, Machine Learning, Internet Of Things and Block Chain, to deliver smarter operations and create intelligent logistics.

Namely, the company developed an ecosystem to allow rapid and safe transactions between major fiat currencies and major cryptocurrencies. This was achieved on December 1st, 2017, when Prime became the first organization to invoice freight in cryptocurrency for about 3000 metric tons of Russian wheat from Russia to Turkey.

IBM and Maersk are forming a joint venture to use blockchain technology to make global trade more efficient, transparent and secure. The aim of the new company will be to offer a jointly developed global trade digitization platform built on open standards and designed for use by the entire global shipping ecosystem. 

Environmental organisation WWF and its partners have introduced revolutionary blockchain technology to the Pacific Islands’ tuna industry, the first of its kind for this region, to help stamp out illegal fishing and human rights abuses.

On its interactive Ship Management Forum next month, the international ship managers’ body InterManager will focus on if the shipmanagement industry is ready for the new wave of blockchain and cryptocurrency technology that is taking the world by storm.

Shifting economic trends, trade flows and global demographic patterns, in tandem with changes in port ownership and ongoing investment in modernisation and expansion are all creating the conditions for what could be a defining year for the global ports industry, argued international law firm Ince & Co.