The blockchain technology has been adopted by several companies in different fields in an attempt to optimize specific processes and provide a trust element that can validate transactions, making them resistant to modifications.

One of those fields has been cargo shipping, with the latest news coming from Israel. There, the biggest and most prominent enterprise of the industry, named Zim, announced that it will open its blockchain platform to all clients, according to a report from international shipping news site TradeWinds.

Electronic Bills of Lading

Zim, therefore, has made its blockchain platform available for what is called “electronic bills of lading (eB/Ls.) All clients will have access to the tool in selected trades. Zim tried out the blockchain-based eB/Ls platform for more than a year before deciding to open it up for customers. The pilot was deemed as successful.

According to the Israeli shipping business, the technology has the ability to not only leave behind the traditional, but now obsolete paperwork, and also optimize the workflow performed with other conventional tools, such as fax and email.

The report stated that whilst using the usual, ‘classic’ channels, the time of completion of specific transactions could take days or even weeks, whilst the new system, with electronic bills of lading being delivered through the blockchain environment, a couple of transactions were performed with resounding success in a little less than two hours each.

Blockchain-based trades will now be open to every customer, and Zim’s idea is to pay more attention to certain markets. Among them are Asia, South Africa, North America, and Mediterranean nations, at least for the duration of the year’s first quarter. The firm’s goal is to increase and maximize digitization, at least according to its chief information officer Eyal Ben-Amram.

The shipping industry has welcomes the news about Zim experimenting with blockchain technology. After all, the firm has been ranked eleventh by Alphaliner, a shipping data provider, when it comes to the companies with the most volume of freight transported per year.

Similar Cases and Developments

There are many more applications of the blockchain technology in the sector. For example, one of Abu Dhabi Ports’ subsidiaries developed an international blockchain pilot in collaboration with the Port of Antwerp to improve cargo monitoring and the trade flow and supply chain management between the two countries: Belgium and the UAE. It happened last year.

Associated British Ports, another high profile port operator in the European area, partnered with Marine Trasport International, a prominent digital logistics operator, with an agreement that saw them develop a platform destined to optimize port logistics using the blockchain technology. Their goal was to decrease manual data management and “digitalize” proceedings.

A little Bit more about Zim

Having been founded in 1945. Zim is one of the most successful cargo shipping companies in the planet. Zim Integrated Shipping Services Ltd. is the largest company of its kind in Israel, with headquarters in the city of Haifa.

By Andres Chavez

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