Successfully connect multiple distributed ledger technology networks
Kerry Logistics Network Limited, Deloitte, and CargoSmart have successfully connected multiple distributed ledger technology (DLT) networks for a platform to enhance efficiency for the shipping industry worldwide.
The platform digitises document exchange between forwarders and carriers, while improving the traceability of shipping documents.
Completed in December 2018, the platform’s proof-of-concept (POC) is interoperable across different DLT and cloud networks commonly used by participants in global trade and finance.
Said Wilson Lee, Group Director of Information Technology, Kerry Logistics: “At Kerry Logistics, we believe simple is beautiful. Distributed ledger is a technology that could simplify the complicated transactions in logistics operations.
“When we eliminate redundant processes, we can bring new benefits to our customers and to the planet, which has always been one of Kerry Logistics’ beliefs. Blockchain is more than cryptocurrency, it is the future of logistics, especially when Internet of Things applications are put to use.
“Kerry Logistics sees it as the solution for ultimate supply chain optimisation and is trying all means to be in the vanguard of this revolution.
“The implication of this POC with Deloitte and CargoSmart is significant, as it defines a new agenda of the next digital age in our industry. The ones who set the ground rules will be the leaders for the next era.”
Says Deloitte Asia Pacific Blockchain Lab Leader Dr Paul Sin: “A healthy logistics ecosystem is paramount in global trade, but complicated documentation has been a structural problem.
“Document digitalisation is not just the first step, but also a groundbreaking step in the transformation of the logistics industry.
“In addition to facilitating document coordination, DLT speeds up approvals, provides updated and secure data for informed decisions, and offers a source of truth for all participants, especially banks, insurance companies, and other financial institutions.
“We therefore expect even greater benefits from DLT applications for shippers, forwarders, carriers, and other players at large in the future.”
Said Lionel Louie, Chief Commercial Officer of CargoSmart: “In this project, we proved the network-to-network interoperability and demonstrated the cross-industry collaboration.
“With a single source of truth, it simplifies the documentation process and accelerates the data exchange across multiple parties, creating a better end-to-end supply chain journey for users in the near future.
“We will continuously strive to drive innovation through technology in order to create value for customers and to facilitate the digital transformation of the ocean shipping and logistics industry.”