Logistics Middle East
Landmark Group cuts shipment times for Babyshop by 40% with Blockchain
Dubai-based retailer Landmark Group and banking giant HSBC have completed a First-of-its-kind transaction that connected two independently-built blockchain platforms, marking a major step forward in the Middle East’s logistics and retail industries adopting blockchain.
The transaction involved a shipment from Bee Dee Industries in Hong Kong to Babyshop, Landmark Group’s family retail brand in the UAE, a statement said.
It added that a letter of credit was issued by HSBC using the Voltron platform and Landmark Group’s initiated ReChainME platform enabled connectivity with its logistics partners at both ends of a key trading corridor.
This meant that all the key participants along the logistical supply chain could view documents and track progress of the shipment in real-time, thereby reducing the overall time to complete the transaction by up to 12 days, a 40 percent reduction.
It also helped reduce the need for paper, as retail supply chains typically involve large numbers of paper documents that are screened and updated at multiple touch-points.
Rajesh Garg, group chief financial officer, Landmark Group, said: “We saw the promise of blockchain technology and embarked on the journey. This is a huge milestone for us at Landmark Group.”