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Jyoti Singh
Apr 7, 2020
by Jyoti Singh

CargoSmart To Use Blockchain-Based Application In Cargo Release Process

CargoSmart
The software wing of Orient Overseas Container Line, CargoSmart, has planned to use its blockchain application to completely change the process of releasing cargo.

On April 07, 2020, Splash 247 reported that CargoSamrt collaborated with Cosco, Shanghai International Port Group (SIPG) and Tesla to launch a pilot project for the application.

Time-Consuming Traditional Method

Currently, many of the shipping industries are using the traditional documentation method which is very costly and time-consuming. According to CargoSmart, its blockchain application would help to reduce a few steps like verification of consignee and shipment agent. Presently, the software wing of the OOCL is working on its research and development process.

The company’s application would not only digitize the documentation process but would also lessen the overall time for picking up the cargo and delivering it.

While talking about the benefits of the blockchain-based application of the company, CargoSmart, stated, “The application will undoubtedly accelerate the digitalization of shipping industry processes and the further optimization of currently stressed global supply chains.”

New Features Added

For the first time in December 2019, Tesla used the blockchain-based application of CargoSmart to accelerate its cargo pick up process, at that time the application had fewer features. But currently, when the CargoSmart would use the application, it will have many new features like displaying laden gate out, appointment date and terminal release.

A report further stated that the company is aiming to include more upgraded features to its application and start its test at ports in Xiamen, Qingdao and Laem Chabang in Thailand.

The company has also proposed to establish a blockchain group where it can present the applications. The group would be called the Global Shipping Business network.

A report added that in December 2019, Cái Mép International Terminal, an Asian shipping giant, partnered with IBM and TradeLens, the blockchain platform of Maersk to get instant data of shipping.

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    CargoSmart To Use Blockchain-Based Application In Cargo Release Process
    Jyoti Singh
    Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

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