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Briefing
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- Blockchain Trading System – IBM and shipping company Pacific International Lines (PIL) recently tracked transit of mandarin oranges from China to Singapore using electronic Bill of Lading (e-BL) system on IBM's blockchain
- 3,000 Cartons – Trial was for shipment of 3,000 cartons of mandarin oranges (approximately 108,000 mandarin oranges), weighing 28 tons, to Singaporean importer Hupco Pte Ltd.
- Bill of Lading – Document indicating transfer of ownership of goods that used to be mailed from one party to another, risking fraud and inefficiencies in system
- Faster Documentation – Reduced process of transferring title of ownership of shipment of mandarin oranges from PIL to Hupco from five-to-seven days down to one second
- Benefits – Include faster shipments and documentation, lower operating costs, real-time tracking of goods, greater security and reduced fraud
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Accelerator
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Market Disruption
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Business Model and Practices
Business Model
and Practices
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Sector
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Transportation and Logistics
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Function
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Supply Chain and Logistics
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Organization
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Hupco Pte Ltd., International Business Machines Corp., Pacific International Lines (PIL)
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Source
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Original Publication Date
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January 31, 2019
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