CargoSmart Limited, a global shipment management software solutions provider, has announced an initiative to develop a blockchain solution for shipment documentation to improve complex supply chain processes.
The solution will establish a digital baseline for trusted shipment documentation management across the shipping and logistics industry.
According to the company, the system will enable shippers, forwarders, carriers, truckers, and customs agencies will be able to collaborate more efficiently through the platform for a single version of truth and an immutable audit trail with low latency.
CargoSmart has been working closely with Oracle, which recently launched Oracle Blockchain Cloud Service. Oracle’s blockchain platform enables organizations to easily build blockchain networks to drive more secure and efficient transactions and to track goods through supply chains on a global scale. Its enterprise-grade architecture, interoperability and decentralized governance model make it possible for companies to organize and track international shipments through all involved parties. CargoSmart will continue working with Oracle to build comprehensive blockchain networks with breadth and depth to serve key customers.
“Maritime shipping is essential to global trade, but it often suffers from inefficiencies in the complex documentation processes across many involved parties,” said Amit Zavery, executive vice president, Oracle Cloud Platform. “CargoSmart’s new solution, powered by Oracle’s blockchain cloud platform can help engender trust and confidence in the ecosystem. Its gives users across the entire shipping ecosystem a trusted, secure, scalable, and resilient means to share information, helping to speed up turnaround time, reduce disputes and lower costs.”
CargoSmart projects a 65% reduction in the amount of time required to collect, consolidate, and confirm data from multiple parties and to handle shipping data that is repetitive in different documents by leveraging its blockchain shipment documentation solution.
For more information, go to www.cargosmart.ai and https://cloud.oracle.com/blockchain.