Global trade is based on about 16 trillion euros per year, passing through the global logistics sector and supply chains.
The scale and complexity of the used systems lead to high transaction costs, frequent inconsistencies and errors in the manual processing of documents, losses and theft.
Logistics is a very complicated thing, so increasingly marine insurance markets use blockchain or plan to do it for easier risk management, as well as to make relations with insurance brokers and companies as transparent and simple as it possible.
The uniqueness of the blockchain technology makes it ideal for use in ports and the transport industry as a whole.
The distributed registry cannot be changed. It is completely transparent and ensures continuity of the supply chain, as well as ease of tracking the cargo at all stages of transportation.
And executives in the port, harbour and terminal industries understood the potential impact and implications of DLT and blockchain.graphics
Port of Abu Dhabi
A subsidiary of Abu Dhabi, Maqta Gateway, plans to launch the blockchain technology of Silsal. The blockchain-based Silsal technology has been developed to improve the efficiency of logistics and cargo transportation. Partners Abu Dhabi Ports have already tested the solution.
At the first stage, Silsal will be able to use only freight forwarders and their customers, and then it will be available to all members of the community in the next section.
Using blockchain technology, Abu Dhabi Ports are planning to reduce bureaucracy and speed up the exchange of information.
Port of Valencia
The management of the port of Spanish Valencia plans to use blockchain technologies to create a platform for managing the processes of shipping and receiving products.
This was announced on October 3 at the Smart Ports & Supply Chain Technologies conference in the Netherlands.
The head of the innovative technologies department of the port of Valencia, Jose Garcia De La Guia, was appointed to be responsible for introducing distributed registry technology into logistics to manage the full cycle of goods movement in the seaport.
The largest ports of Shanghai and Guangzhou
American technology company Ideanomics has entered into a contract with the Asia-Pacific Model Electronic Port Network (APMEN) Trade Tech Co. on the use of blockchain technology to speed up the delivery chains.
Together with APMEN, Ideanomics intends to apply the blockchain and what the company calls “super artificial intelligence” to reduce the number of intermediaries when exporting cargo from the ports of arrival and the delivery process in the Asia-Pacific Economic Cooperation (APEC) port system.
Tests of the system will begin in the two main Chinese ports – Shanghai and Guangzhou, which in 2017 were considered the busiest ports in the world.
Port of Britain
The leading British port operator, Associated British Ports (ABP), has signed an agreement with Digital Logistics Company Marine Transport International to create a blockchain system for port logistics.
According to the agreement, ABP, managing 21 ports and performing 25% of freight traffic in the UK, will take part in a pilot delivery of cargo using blockchain technology.
Port of Baku
Baku International Sea Trade Port intends to apply the blockchain technology. The new complex BMMTP in Alat village (Garadagh district of Baku) will be the most technologically advanced in the Caspian Sea.
Ports of Ukraine
Three ports of Ukraine plan to introduce an e-Port electronic control system, which will be partially based on blockchain technology. It was announced by the Minister of Infrastructure of Ukraine VolodymyrOmelyan during a briefing at the Ministry of Infrastructure.
After the introduction of automated and unified systems “Single Sea Window” and e-Port, the speed of clearance and cargo handling will increase by 34.4%.
According to Omelyan, in the future, it is planned to introduce the e-Port system into all government departments of the maritime industry of Ukraine, as well as the implementation of the latest e-Port 4.0 system using blockchain solutions.
Port of Antwerp
The Belgian port of Antwerp said it was going to apply the blockchain technology to automate and optimize the logistics operations of container terminals. Tests of the system are carried out in conjunction with the T-Mining blockchain start-up.
The purpose of the test is to improve the interaction between the port customers to prevent the intentional manipulation of data from any of the parties to the trade transaction.
The technology of DLT has the potential to change the way parties operate and interact along the value chain as well as to open doors for new players. Some intermediaries might be impacted, others may be left out of the game.
But those changes will bring instead more transparency and clear system. And that is the point.