Logistics solutions provider CargoSmart announced earlier this week that has successfully completed a pilot project using a blockchain application for expediting the cargo release process. The application was designed to speed up the release of cargo at terminals by streamlining verification processes.
CargoSmart conducted the trials in partnership with Tesla, Cosco Shipping Lines, and the Shanghai International Port Group. In a press release, the company said:
During the pilot in December 2019, COSCO and SIPG streamlined the cargo release process by enabling Tesla to accelerate its cargo pick up procedures on a trusted and secure platform The pilot also allowed SIPG to view a single, trusted source of COSCO’s sea waybill data, enabling faster preparation of delivery orders for consignees and their shipping agents.
In late March 2020, CargoSmart further enhanced the application to display laden gate out, appointment date, and terminal release, enabling shippers to have better visibility of their cargoes.
According to the company, the pilot demonstrated that the cargo release app could improve collaboration between terminal operators and ocean carriers, benefitting stakeholders throughout the global supply chain ecosystem. The hope is that this application can help to optimize supply chains and further accelerate the industry’s move toward digitalization.