Ac­cen­ture’s blockchain so­lu­tion

A CON­SOR­TIUM, which rep­re­sents typ­i­cal stake­hold­ers across an in­ter­na­tional ship­ment, col­lab­o­rated to test 12 real ship­ments, with var­i­ous des­ti­na­tions and dif­fer­ent reg­u­la­tory re­quire­ments.

Cargo Talk - - International -

Acon­sor­tium com­pris­ing AB InBev, Ac­cen­ture, APL, Kuehne + Nagel and a Euro­pean cus­toms or­gan­i­sa­tion has suc­cess­fully tested a blockchain so­lu­tion that can elim­i­nate the need for printed ship­ping doc­u­ments and save the freight and lo­gis­tics in­dus­try hun­dreds of mil­lions of dol­lars an­nu­ally.

The con­sor­tium tested a so­lu­tion where doc­u­ments are no longer ex­changed phys­i­cally or dig­i­tally but in­stead, the rel­e­vant data is shared and dis­trib­uted us­ing blockchain tech­nol­ogy un­der sin­gle own­er­ship prin­ci­ples de­ter­mined by the type of in­for­ma­tion. Through a de­tailed re­view of the cur­rent doc­u­men­ta­tion pro­cesses, the group ex­am­ined a re­al­lo­ca­tion of in­for­ma­tion own­er­ship, ac­count­abil­ity and risk en­abled by the trust and se­cu­rity blockchain tech­nol­ogy of­fers. An in­ter­na­tional ship­ment of goods for com­pa­nies in ar­eas such as the au­to­mo­tive, re­tail or con­sumer goods in­dus­tries typ­i­cally re­quires more than 20 dif­fer­ent doc­u­ments, many of which are often pa­per-based, to en­able the goods to move from ex­porter to im­porter.

Across these doc­u­ments, up to 70 per cent of the data can be repli­cated. The doc­u­ment heavy ap­proach lim­its data qual­ity and real-time vis­i­bil­ity to all par­ties in­volved in the trade and this can also de­lay the fi­nan­cial set­tle­ment on goods. The so­lu­tion can speed up the en­tire flow of trans­port doc­u­ments, re­duce the re­quire­ment for data en­try by up to 80 per cent, sim­plify data amend­ments across the ship­ping process, stream­line the checks re­quired for cargo and re­duce the bur­den and risk of penal­ties for cus­toms com­pli­ance levied on cus­tomers. “Our tri­als have proven the vi­a­bil­ity of a ship­ping process” said

Adri­ana Diener-Veinott, who leads Ac­cen­ture’s Freight & Lo­gis­tics in­dus­try prac­tice.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.