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Interest in Blockchain is Growing Fast in Transportation Industry

According to industry leaders, the corona virus crash has accelerated a digitalization environment in the global shipping and logistics industry.

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Interest in Blockchain is Growing Fast in Transportation Industry.

Port operator DP World (DPW.DI) said on Thursday that the shipping company Maersk (MAERSKb.CO) and other partners will join a blockchain platform aimed at limiting the industry’s extremely expensive and unnecessary stationery costs.

Corona Virus Effect

Mike Bhaskaran, chief operating officer of logistics and technology at DP World, says, “The situation around the corona virus is a very good catalyst to ensure that everyone in the supply chain can communicate digitally with one another.”The Dubai-based company, one of the largest port operators in the world, plans to connect its entire business, including 82 container terminals, using blockchain technology.

The participation of key companies in the TradeLens platform, launched by Maersk and IBM (IBM.N) in 2018, is seen as a crucial move to reduce costs in an industry that has undergone little innovation since the container was invented in the 1950s.The current conditions showed that the digitization of the logistics supply chain is accelerating,” said Maersk commercial manager Vincent Clerc in an interview.

Development Is Not Yet Yet

However, more than 200 ports, freight forwarders, freight forwarders, port officials and customs officials have registered, but said the platform has not yet reached a “critical audience” to make a significant impact.In many African countries, Maersk relies on motorcycle fleets known as ‘boda bodas’ to present documents between ports and shipping agencies.

“The physical flow of documents that include local deliveries about courier and bike will all eventually disappear,” says Clerc. It takes an average of 228 hours to get the documents and stamps ready to carry a container containing citrus from South Africa.

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