A consortium consisting of AB InBev, Accenture, APL, Kuehne + Nagel and the European Customs Organization has successfully tested a new application based on blockchain technology. This solution, according to the companies, will eliminate paper accompanying documents, saving transport and logistics companies hundreds of millions of dollars per year.
The consortium tested a solution whereby such documents do not need to be printed or stored digitally. Instead, the necessary information is distributed and distributed using blockchain technology. To carry out international transportation of goods, both the importing company and the exporting company must provide more than 20 types of various documents, most of which must be in printed form. In all these documents, 70% of the information is repeated.
The solution provided by the consortium can reduce the amount of required information by 80%, simplify the process of making changes to the route or delivery process, and reduce the risk of fines for non-compliance with customs rules.
The consortium, which brought together the largest players in the field of international trade and logistics, conducted 12 test shipments to various destinations, each subject to completely different regulatory requirements. Tests have shown that blockchain can help reduce company costs and improve the performance of the supply chain.
Each organization participating in the project represented a separate industry. AB InBev is an exporting company; APL contributed as a transport organization; Kuehne + Nagel provided guidance on requirements for freight forwarders, and the European Customs Organization handled regulatory requirements for the cargo. Accenture developed the software that was needed to run the project.
All test participants note that they are satisfied with the results of the experiment.
Note that this is not the first experience of using such technology in transport logistics. In January, FedEx said it would use a blockchain-based platform in its daily operations.
According to https://www.thepaypers.com
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