Feb 1, 2019
Ten years of growth, development, easy and secure tracking of data and information, that’s what Blockchain has given to the world.
One of the biggest blockchain technology promoters is IBM, which is recognized as the leading enterprise blockchain providers.
In one of its latest projects with PIL, Pacific International Lines, IBM has successfully tracked 28 tons of mandarin oranges on its blockchain platform.
Using e-BL, electronic Bill of Lading as the main shipping document, which was recorded on a blockchain, IBM was able to reduce the administrative process from 5-7 days to just one second.
The Bill of Lading is one of the most crucial documents used in international trade to document the title or ownership of goods, as well as a receipt of goods and a contract of the shipment.
Along with saving time, faster document processing with the blockchain-based electronic system also saves money, for example, electricity and storage costs, because document handling is automated, and goods are delivered more quickly and efficiently.
In this blockchain technology trial 28 tons of mandarin oranges, approximately 108,000 fruits, were delivered ahead of the Chinese New Year celebration on Feb. 5 from China to Singapore.
Pacific International Lines is the world’s 9th top containership operator and one of the largest shipowners in Southeast Asia serving over 500 locations in 100 countries worldwide.
Chairman and CEO of Hupco Pte Ltd, a major importer in Singapore of mandarin oranges, which took part in the e-BL trial, said that by using the e-BL powered by blockchain, the entire shipment process can be simplified and made more transparent with considerable cost savings, and customers can expect their orders in a more timely manner and with freshness assured.
A blockchain-based trade network will be a game-changer, and the live trial is an important milestone because it validates how the system works in real-time conditions, and it can benefit the entire industry by enhancing trade efficiency and building trusted trade relationships among the industry players with real-time visibility of documents which are both traceable and tamper-proof.
In China, mandarin oranges are a symbol of prosperity, and during the Lunar New Year in Asia, people are exchanging them as greeting gifts and eating them during the festive celebrations.
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