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Singapore Shipping Association to Deploy Blockchain for Ship Registration

The Singapore Shipping Association, the International Chamber of Commerce and blockchain firm Perlin are jointly working on an e-registry for ships. The Singapore Shipping Association (SSA), the International Chamber of Commerce (ICC) and blockchain firm Perlin are jointly working on an e-registry for the ship registration and renewal process. Running on self-executing smart contractsThe International E-Registry of Ships (IERS) system is based on Perlin’s Wavelet, an open ledger for writing decentralized WebAssembly applications, financial daily Business Times reported on Oct. 14. The blockchain e-register will run on self-executing smart contracts, purportedly reducing time, costs and occurrence of errors in the registration process. The initiative found favor with the Maritime and Port Authority of Singapore, which is testing the registration process with the system. If the system proves to be successful in Singapore, the ICC will bid for global adoption of IERS standards in the ind..

Shipping Startup 300cubits Suspends Its Blockchain Operations

Shipping startup 300cubits burns its tokens while suspending its blockchain operations due to low transaction volume. Blockchain shipping startup 300cubits suspended the operations of its booking module and the circulation of its TEU token. As industry news outlet The Maritime Executive reported Sept. 30, Hong Kong-based 300cubits is believed to be one of the first firms to apply blockchain technologies in shipping. Low transaction volumePer the report, 300cubits’ system began accepting trial shipments in March 2018 and was launched into live production in July 2018. It is also claimed that its TEU tokens are still one of the more recognized digital assets in maritime space. Still, low transaction volume — only a couple hundred containers have used the system — made the operation unfruitful. The greatest marketing impediment for the company was reportedly the lack of clarity in regulatory regimes concerning crypto assets, which pushed users away. A partnership with major ocean trade p..

Indonesia to Improve Its Shipping Industry With New Multi-Million Blockchain Project

Singapore-based blockchain firm PLMP Fintech joined a multi-million logistics project in partnership with Indonesian authorities. Singapore-based blockchain firm PLMP Fintech will participate in a multi-million logistics project in partnership with the government of Indonesia, according to a press release on May 29. The new initiative is made in partnership with the Ministry of Trade of Indonesia and intends to transform the country’s shipping industry starting from the Riau Province, which is located on one of the world’s busiest shipping lanes. The project is a result of a new memorandum of understanding (MoU) signed between PLMP Fintech and major industry-related entities in the Indonesian city of Batam, the largest city in the Riau Islands. The MoU was signed by Indonesian firm Central Distribusi Batam and the Agency for Free Trade Zone and the Free Port of Batam, the press release notes. The pilot stage will reportedly include the deployment of PLMP Fintech's own blockcha..

World’s Second and Fourth Biggest Shipping Firms Join Maersk’s Blockchain Platform

Swiss Mediterranean Shipping and French CMA CGM have both joined TradeLens. Two leading global shipping firms, Mediterranean Shipping Co (MSC) and CMA CGM, have joined blockchain shipping platform TradeLens, Reuters reports on May 28. Switzerland-based MSC, the world's second-largest shipping company, and French CMA CGM, reportedly the fourth-largest container shipping firm, have joined the blockchain platform developed by the world’s largest logistics company Maersk and tech giant IBM. As previously reported, blockchain-powered shipping solution TradeLens intends to reduce paperwork and associated costs and time in the logistics industry — which reportedly accounts for $4 trillion — with over 80% of the goods carried by the ocean shipping sector. According to Reuters, by joining the platform, MSC and CMA CGM will have almost 50% of all cargo shipped by sea tracked using distributed ledger technology (DLT). Vincent Clerc, Maersk executive vice president, considers the entranc..

Chinese Shipping Giant to Explore Blockchain for Upstream Supply Chain Financing

Major Chinese shipping firm China Shipbuilding Industry Company Limited will explore applying blockchain tech to upstream supply chain financing following a new partnership. China Shipbuilding Industry Company Limited (CSICL) is going to explore how it can apply blockchain to financing its upstream suppliers, reports official Chinese newspaper People’s Daily on March 27. CSICL is a subsidiary of one of the two largest Chinese shipping conglomerates, China Shipbuilding Industry Corporation (CSIC). CSICL signed a strategic cooperation agreement on supply chain services with Shanghai Bank. Per the terms of the agreement, CSICL and Shanghai Bank will purportedly develop an blockchain-based online supply chain finance platform for upstream suppliers of CSIC. The platform would ostensibly provide financing for supply chains servicing the firm’s 10 major product sections: marine engineering, storage batteries, shipbuilding, turbochargers, tobacco machinery, diesel engines, large steel struct..

Singapore Launches Pilot of TradeTrust Blockchain Shipping Initiative

The progression follows a Memorandum of Understanding between government and industry players in January. The Singapore government will press ahead with a pilot of its blockchain-based maritime trade platform TradeTrust through an official partnership, trade news outlet Asia Middle East Maritime Focus reported on March 7. TradeTrust, which aims to leverage blockchain to streamline complex manual processes involved in international shipping, will first focus on blockchain-powered electronic bills of lading (EB-Ls). Processing the essential trade document can often incur long time spans and considerable extra costs using paper-based methods. The pilot follows a January Memorandum of Understanding signed by Singapore’s Infocomm Media Development Authority (IMDA), Maritime Port Authority, Singapore Customs and the Singapore Shipping Association. As part of the TradeTrust pilot, the IMDA will also gather feedback on the initiative, as well as requesting industry advice on how to best imple..

Indian E-Commerce Giant Partners With Blockchain Logistics and Shipping Platform

India’s largest e-commerce firm mjunction has partnered with blockchain shipping firm Shipnext. India’s largest e-commerce firm, mjunction services limited, has entered into a strategic partnership with blockchain shipping firm Shipnext, global maritime news agency Sea News reports Feb. 20. The new partnership intends to boost efficiency across mjunction’s supply chain, bringing value-added services to its clients, mjunction CEO Vinaya Varma said. Alexander Varvarenko, founder and CEO of Shipnext, said that mjunction’s large cargo base is expected to attract more traffic, shipowners and ship operators to Shipnext platforms. Mjunction services ltd is a joint venture of two Indian steel giants – the Steel Authority of India (SAIL) and Tata Steel. Mjunction is reportedly India’s largest e-commerce firm, in addition to operating the world’s largest electronic marketplace for steel. The company has also moved into business spheres such as e-finance, e-retail and other services. According t..

Russia: Cargo Shipping Firm to Use Blockchain in Port Logistics

A Russian cargo shipping firm deploys blockchain in more than ten ports across the country to increase overall capacity. Russian shipping logistics company Infotech Baltika will develop a blockchain-based system for the ports in which it operates, Russian maritime news outlet Morvesti reported on Feb. 11. To develop the blockchain-based solution, dubbed Edge.Port, the firm has partnered with Moscow-based blockchain startup Iconic. The network will reportedly allow participants in port activity to store all necessary documentation on a blockchain. According to Morvesti, all services in port, including vessel parking and tug boat rentals, can be ordered and tracked online via the system, without time-consuming paperwork. Infotech Baltika told the publication that Edge.Port will enable the firm to reduce the time spent on port operations from four hours to 25 minutes. Moreover, the use of blockchain could reportedly save up to one hour while the ship is being unloaded. As a result, overa..

IBM, Pacific International Lines Complete Blockchain Shipping Trial With Oranges

The shipment from China to Singapore was chosen in the run-up to lunar new year, IBM says. IBM is continuing its foray into blockchain trade management, completing a new trial which shipped 108,000 mandarin oranges to Singapore, a press release confirmed on Jan. 31. IBM, which is focusing on speeding up efficiency in multiple trade environments, used the technology to reduce paperwork handling and costs for the shipment, which originated in China. Singapore is importing a significant quantity of mandarins ahead of the lunar new year. Transit was handled by Pacific International Lines (PIL) using an electronic version of the Bill of Lading (e-BL), an essential trade document, processed on the blockchain. “A blockchain-based trade network will be a game-changer, and we have a great opportunity here with our partner PIL to revolutionize the documentation processes in a way that benefits the entire industry,” Harriet Green, CEO and Chairman of IBM Asia Pacific, commented in the press rele..

Israel’s Top Cargo Shipping Firm Zim Opens Blockchain Platform to All...

Israel’s largest cargo shipping company Zim has opened its blockchain platform to all clients in select trades, following a successful pilot. Israel’s largest cargo shipping company Zim has opened its blockchain platform for electronic bills of lading (eB/Ls) to all clients in selected trades. Global shipping news outlet TradeWinds reported the news today, Jan. 14. Following a successful pilot of its blockchain-powered eB/Ls platform that lasted for over a year, the shipping firm has claimed that blockchain can not only replace the currently existing paper-based processes, but also improve the workflow conducted via email, fax, and other channels. According to TradeWinds’ report, two recent transactions on the platform were successfully conducted in less than two hours each — as opposed to multiple days or weeks that the process usually takes — with electronic bills of lading being delivered via the blockchain-based system. As part of Zim’s new initiative, blockchain-based trades will..
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