The logistics industry could see improved connectivity, efficiency and security thanks to blockchain, according to Marine Transport International, which has just completed a pilot programme on the technology.
The Container Streams project connected supplier, shipper, load point, customs and terminal on a shared blockchain ledger. All parties involved in the supply chain benefit from automated data flows as the system allows complete interoperability of data sources, even including legacy systems.
MTI chief executive Jody Cleworth said: “A blockchain-enabled supply chain is highly resilient to cyber attack – a copy of the essential shipping data is stored on each node on a decentralised network, meaning that even if one node is compromised, the data is safe nevertheless.
“The business case for connecting supply chains using blockchain is very strong. As the interface is easily adaptable to existing systems there is a very low barrier to entry. Any type of supply chain business, be it marine, air, or land-based, can take advantage of such a system – the cost savings that we envisage are as high as 90 per cent, as a result of substantially streamlined processes.”
The results of the pilot have been verified by scientists at the University of Copenhagen and maritime technology leads at Blockchain Labs for Open Collaboration. MTI, in conjunction with Agility Sciences, has released a white paper detailing the deployment of the Container Streams system in a supply chain environment.