IBM is still marching on with its blockchain trading agreement as recently they’ve managed to track numerous details among multiple parties related to a produce shipment between China and Singapore. The necessary information was transmitted in less than a second.
The bill of lading was sent in real-time during a pilot test developed by IBM Blockchain Platform. It logged over 28-ton shipment worth of mandarin oranges from China to Singapore and contained completely supply chain data that would normally take a week to gather and transmit.
Fresh mandarin oranges successfully arrived right in time for the upcoming Chinese New year, or better known as the Lunar New Year, which starts during February 5th, marking the Year of the Pig.
The world’s ninth largest operator of containers and one of the largest shipowners based in Southeast Asia, Pacific International Lines (PIL), were the ones to handle the shipment of up to 3,000 cartons of 108,000 mandarins. they decide to use the IBM bill of lading to document legal and commercial information, including tile, ownership, and receipt of the shipment.
Normally, trade documents are transferred through the use of snail mail to all parties involved, leading to a situation where papers go missing, documents being tampered with or even fraud. Along with the lower processing cost and traceable paper trail, CEO of major importer Hupco, Tay Khiam Back, states that using blockchain simplifies the process dramatically.
According to the press release,
“Companies shipping perishable items like these mandarin oranges require faster document processing and expedited cargo clearing for delivery. This shortens the overall shipping time – reducing potential risks for retailers and providing fresher options to consumers.”
Developed by IBM Research Singapore, the bill of lading as an end-to-end solutions, can ease banks into finalizing transactions, generation documents for entire supply chains and establishing a complete ecosystem for trading.
CEO and chairman of IBM Asia Pacific, Harriet Green had this say,
“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.”