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Blockchain system deployed to streamline supply chain

Blockchain could help to significantly reduce supply chain costs through automated data sharing Blockchain could help to significantly reduce supply chain costs through automated data sharing

Logistics technology company Marine Transport International (MTI) has announced that it has successfully completed a pilot project to improve supply chain efficiency through the deployment of blockchain technologies.

{mprestriction ids="1,2"}MTI, in conjunction with Agility Sciences, have released a whitepaper detailing the deployment of the ‘Container Streams’ system in a supply chain environment, with the results of the pilot having now been verified by scientists at the University of Copenhagen and maritime technology leads at Blockchain Labs for Open Collaboration (BLOC).

The project connected supplier, shipper, load point, customs and terminal stakeholders in the supply chain to a shared blockchain ledger, allowing for automated data flows between participants by facilitating complete interoperability of data sources, including separate legacy systems.

“The results of this successful pilot demonstrate the strengths of blockchain technology when deployed to link the various actors in the supply chain. We are confident that firms throughout the logistics industry will see a broad spectrum of benefits stemming from blockchain deployment,” said Jody Cleworth, CEO of Marine Transport International.

“The blockchain has proven to be an excellent way of connecting the different parties involved in any supply chain environment due to the transparency and security-by-design of the technology. In recent months the shipping industry has fallen victim to industrial-scale cyber-attacks which have left large shipping lines, such as Maersk, paralysed and unable to serve clients.”

“A blockchain-enabled supply chain is highly resilient to cyber-attack. A copy of the essential shipping data is stored on each node on a decentralised network, meaning that even if one node is compromised, the data is safe nevertheless.”

MTI believes that cost savings as high as 90 per cent may eventually be achievable as a result of substantially streamlined processes in the supply chain, supported by the fact that the interface is adaptable to existing systems and therefore carries a very low barrier to entry.

Deanna MacDonald, CEO of Blockchain Labs for Open Collaboration, commented, “We have documented the first phase of this use case, its implications for the maritime industry and the resulting development of a turn-key application ecosystem for global supply chain logistics.”

“However, the future potential of this ecosystem platform will rest upon collaboration from the different actors in these supply chains in order to clearly identify the problems and co-create applications that solve for the collective challenges they are facing today.”{/mprestriction}

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