Sita, an air transport communications and information tech company, and ULD Care, a trade association, are exploring the possibility of using blockchain technology to save $400M a year in the air cargo industry, according to the March 12 announcement. Blockchain platform brings down cost and improves efficiency Blockchain technology allows air cargo companies to digitally track and record the change of custody for airline cargo containers, or Unit Load Devices (ULDs), as they journey between destinations. These companies aim to bring down industry costs, improve efficiency, drive fewer losses, and prevent damage to cargo. The proposed blockchain platform will also …

Standard Chartered has become the first bank to join TradeLens, the global blockchain shipping platform created by IBM and Danish logistics giant Maersk. The London-headquartered bank announced its decision on March 10, with global head of trade, Michael Spiegel, stating that digital ecosystems like TradeLens have the potential to promote the sustainability agenda of many stakeholders in international trade. Millions of supply chain events each week TradeLens is a global supply chain solution with a focus on containerized freight and logistics, which was first launched by IBM and Maersk back in April 2018. It operates by providing standards-based open APIs …

The Chain Integration Pilot (CHIP) of the Auburn University RFID Lab in Alabama has published a proof-of-concept whitepaper that seeks to demonstrate the efficiency savings blockchain technology can unlock across the contemporary supply chain. The proof-of-concept was designed to ingest, encode, distribute, and store serialized data from multiple points throughout the supply chain on Hyperledger Fabric. The pilot collected live data from brands Nike, PVH Corp., and Herman Kay, and major United States retailers Kohl’s and Macy’s. CHIP was launched in 2018 and claims to be the first supply chain project to integrate the information pulled from RFID tags onto …

The aircraft maintenance, repair and overhaul (MRO) industry — which handles a dizzying 25 billion parts a year — is turning to blockchain to tackle its difficulties. Verdict magazine reported on Feb. 4 on the formation of a new, so-dubbed MRO Blockchain Alliance, which includes leading industry members, among them HAECO Group, Bolloré Logistics, Cathay Pacific, FLYdocs and SITA. Blockchain could bring up to $3.5 billion in cost savings The idea of forming a dedicated blockchain alliance for the MRO industry was reportedly first aired in 2019, at an event hosted by major international aircraft maintenance and engineering firm Haeco …

Covantis, a blockchain initiative backed by global agribusiness giants like Cargill, has selected major Ethereum-focused firm ConsenSys as a technology partner. Within the partnership, ConsenSys will build an Ethereum-based blockchain platform to digitize the post-trade finance industry and bring efficiencies and cost savings to the international agribusiness supply chain, Covantis said in a Jan. 23 press release. Four agribusiness giants established the initiative in 2018, while Covantis’ name came out months ago The concept of Covantis was established in October 2018, when four of the biggest global agribusinesses companies announced a joint initiative to digitize their global shipping transactions using …

Cái Mép International Terminal (CMIT), located in Ho Chi Minh City, Vietnam, announced Dec. 19, that it had joined the TradeLens blockchain platform. CMIT is one of the largest terminals in the Cái Mép-Thị Vải deep-water gateway port complex, providing a direct link from Vietnam to European, North American and Asian markets. CMIT general director, Jan Bandstra said that the decision to join the blockchain-based program was driven by customer demand for instant shipping data. Having transparent, accessible cargo data is essential for the complexities of the global shipping industry, as CMIT deputy director Nguyen Xuan Ky illustrated: “A seafood …

New Zealand’s ASB Bank, owned by Commonwealth Bank of Australia, has participated in a new $1.7 million funding round by blockchain startup TradeWindow. The startup provides a software-as-a-service supply chain solution to create a “single trading window” accessible by all parties involved in the transaction from the importer to the exporter. ASB Bank is now the second-biggest shareholder after TradeWindow CEO, owns 21% Following the seed round, ASB Bank now owns a 21% stake in the company and is the second-largest shareholder after TradeWindow’s founder and CEO AJ Smith, The New Zealand Herald reports Dec. 16. According to an announcement …

American logistics giant UPS has successfully delivered a blockchain-verified beef shipment from the United States to Japan. The company partnered with agritech firm HerdX to incorporate its packaging technology into a blockchain network to trace the journey of beef from Kansas to Japan, the firm announced on Nov. 11. As announced by UPS, the jointly-delivered shipment involved a blockchain partner network developed by HerdX. Meanwhile, UPS provided its visibility tool that integrates with HerdX's blockchain technology and records live updates, registering details throughout the journey. U.S. Embassy and Japanese officials checked the blockchain-recorded beef The pilot was supported by the …

The municipal Shanghai government has joined forces with financial institutions to create an alliance to foster the use of blockchain for global trade. The Global Times reported on Nov. 7 that during the China International Import Expo earlier today, the Shanghai Municipal Commission of Commerce, Shanghai Customs and representatives from six bank branches — including the People’s Bank of China and Bank of Communications — signed a Blockchain Alliance proposal for the city’s e-port area. Blockchain for multilateral trade Chen Huifang — a professor at the College of Information Science and Electronic Engineering of Zhejiang University — told the Global …

Topco Associates, the largest American retail food group purchasing organization, will pilot Mastercard’s blockchain tech in its operations. According to a press release on Oct. 27, Topco will test a traceability platform developed by logistics firm Envisible. The Wholechain platform is based on Mastercard’s blockchain-based Provenance Solution. Topco will use the platform to trace the provenance of produce, meat and seafood. Blockchain provides transparency for food supply chains Blockchain technology has found widespread application in the food industry with multiple high-profile companies. Major American retailer Walmart began using blockchain tech to track Indian shrimp supply chains earlier this month. This …

Global Container Terminals (GCT), a container terminal operator in North America, has joined Maersk and IBM's blockchain shipping tool TradeLens. Adding four Canadian and U.S. terminals to the platform As part of the initiative, Vancouver-based GCT will gradually roll out the blockchain-based platform at the four terminals it operates, the firm said in a press release on Oct. 17. GCT wants to use the platform to improve visibility on the cargo supply chain to the east and west coasts of North America. The platform will establish a secure interconnection between all members of the supply chain, including ocean carriers, cargo …

Blockchain shipping startup 300cubits has suspended the operations of its booking module and the circulation of its TEU token. As industry news outlet The Maritime Executive reported Sept. 30, the Hong Kong-based company is believed to be one of the first firms to apply blockchain technologies in shipping. Low transaction volume Per the report, 300cubits’ system began accepting trial shipments in March 2018 and was launched into live production in July 2018. It is also claimed that its TEU tokens are still one of the more recognized digital assets in maritime space. Still, low transaction volume — with only a …