Two Firms to Build Blockchain-Based Solution for European Shipping

Published at: Sept. 21, 2019

Vakt, a blockchain-based post-trade platform for commodities, has signed a memorandum of understanding with essDOCS, a firm that develops paperless trade solutions, to put European shipping on the blockchain.

As markets and technology-focused outlet Benzinga reported on Sept. 20, Vakt and essDOCS will work on a blockchain-based solution that will allow digitization of post-trade process in Europe’s barge shipping.

Digitization of barge shipping data

While the parties plan to launch the product in northwest Europe initially, they are hoping to expand further to global markets. A joint statement stated:

"Trading parties would agree on information to send on to the terminal, which would add its own information before sending on to barge captains to agree and sign for the product and quantities loaded or discharged from the vessel. This lengthy process results in several paper documents including the barge receipt, which when physically signed allowed the barge to sail and the seller to invoice the buyer."

In late February, Cointelegraph reported that Vakt signed up four new clients, which meant that Vakt would be used in about two-thirds of all oil deals in the North Sea region. At the time, Vakt’s CEO, Etienne Amic said that a significant level of adoption in the energy sector could motivate others to examine blockchain solutions.

Global supply chain and blockchain

Earlier this year, Russian authorities signed an agreement with Danish logistics giant Maersk to officially launch blockchain shipping platform TradeLens in order to adopt blockchain-powered digital documentation to replace current transportation operations, which are largely paper-based.

Swiss forwarding and logistics services company Panalpina also started blockchain pilot projects aimed at optimizing supply chains. One of the projects will investigate blockchain applications in high-tech industrial goods and the other will deal with office supplies.

Tags
Adoption
Blockchain
Europe
Related Posts
44% of European Healthcare Organizations Have Never Heard of Blockchain: IDC Survey
Only a limited number of healthcare firms in Europe are aware of the benefits of blockchain applications, according to a survey by American market research firm International Data Corporation (IDC) released on June 6. As much as 44% of European healthcare organizations had never heard of distributed ledger technology (DLT), while only 12% of those are related to the tech in some sense, blockchain media outlet Ledger Insights reports, citing the IDC’ research titled “IDC Survey Spotlight.” Only 1% out of those 12% have a certain blockchain initiative in production, while 1% have multiple DLT projects, the report notes. Source: …
Adoption / June 11, 2019
UK-Based Industry Group Develops Blockchain Tool to Track Firms' Sustainable Commitments
A U.K.-based industry body for the responsible finance sector revealed plans to introduce a blockchain tool to monitor firms’ sustainable commitments, Reuters reports Wednesday, Oct. 17. The Responsible Finance & Investment (RFI) Foundation is developing a blockchain-powered tool to track companies’ sustainable commitments and to detect those entities who do not comply with their ethical credentials. The new system is expected to enable the industry group to reduce so-called “greenwashing,” a practice that implies firms claiming that they are more ethical or ecologically friendly than they are in fact. The RFI Foundation’s initiative comes as a part of a plan …
Adoption / Oct. 17, 2018
Swiss Executive Branch Calls for Improved Regulations for Blockchain
The Federal Council of Switzerland — the country’s executive governing body — has called for a better regulatory framework for blockchain and distributed ledger technology (DLT) in the country. According to an official announcement released on Nov. 27, the Federal Council adopted a dispatch explaining its priorities for improving blockchain and DLT legislation. The proposal targets legal certainty in the sector, as well as eliminating barriers for blockchain-based applications and reducing the risk of abuse. The Council thus revised a report initially released in December 2018 and submitted a range of proposed amendments to a series of federal acts covering …
Adoption / Nov. 27, 2019
The Bitcoin Family talks about traveling, giving and orange-pilling
Seasoned crypto enthusiasts will remember Didi Taihuttu as the man who went all-in on Bitcoin (BTC) in 2016. He sold his and his family’s possessions. camping out in the Netherlands while he waited for Bitcoin to the moon. In an interview with Cointelegraph, Taihuttu recalls how it felt to own almost nothing but Bitcoin, 6 years ago: “I don’t have any cars, motorbikes, nothing. And I’m happier than ever. And she [Taihuttu's wife] agrees! At that moment we decide to break that chain and lead by example for the kids.” He explains his realization that life is about accumulating happiness, …
Adoption / March 2, 2022
Belgium says BTC, ETH and other decentralized coins are not securities
Belgium’s financial regulatory body has confirmed its position that Bitcoin (BTC), Ether (ETH) and other cryptocurrencies that are issued solely by computer code do not constitute securities. The explanation came from Belgium's Financial Services and Markets Authority (FSMA) in a Nov. 22 report, a draft of which was opened for comment in Jul. 2022. The clarification comes following an increase in demands for answers as to how Belgium’s existing financial laws and regulations apply to digital assets, according to the FSMA. While not legally binding under Belgium or European Union law, the FSMA stated that under its “stepwise plan,” cryptocurrencies …
Adoption / Nov. 25, 2022