CargoSmart teams with Oracle on blockchain logistics initiative
Permissioned blockchain global logistics platform may empower shippers to increase document accuracy, efficiency, and traceability
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Technology ResourceA Supply Chain Potluck? Most executives understand a physical supply chain and realize the potential cost and time-to-market benefits of contracting with partners within this supply chain. But most executives are ill informed about the potential benefits that could be obtained by digitizing today’s complex supply chains.
CargoSmart Limited, a global shipment management software provider, recently announced its initiative to develop a blockchain solution for shipment documentation to improve complex supply chain processes.
According to spokesmen, “the solution” establishes a digital baseline for trusted shipment documentation management across the shipping and logistics industry. 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 build networks to drive more secure and efficient transactions and to track goods through supply chains on a global scale.
Spokesmen said that its enterprise-grade architecture, interoperability and decentralized governance model make it useful for organizing and tracking international shipments through all involved parties.
Lionel Louie, Chief Commercial Officer, CargoSmart Limited, told LM in an interview that Oracle Blockchain Cloud Services provides great flexibility for them to design its blockchain solution.
“We are open for future collaboration with other solution providers to fulfill our fast network expansion,” he added.
“We created products and services such as the shipment portal and EDI integration to connect shippers and carriers,” said Louie in the interview. “Five years ago, we introduced monitoring and analytics with AI and IoT, which provides predictive insights for both shippers and carriers,” he said.
“Last year, noted Louie, “we started investigating how blockchain can create optimal value to the logistics industry.”
About the AuthorPatrick Burnson, Executive Editor Patrick Burnson is executive editor for Logistics Management and Supply Chain Management Review magazines and web sites. Patrick is a widely-published writer and editor who has spent most of his career covering international trade, global logistics, and supply chain management. He lives and works in San Francisco, providing readers with a Pacific Rim perspective on industry trends and forecasts. You can reach him directly at [email protected]
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