IBM is completed its trial period of using Blockchain technology in order to track a shipment of mandarin oranges from China to Singapore. An announcement is made on 1st February 2019, stating that around 28 tons of mandarin oranges or 3,000 cartons that consist of approximately 108,000 fruits were being delivered in advance to the celebration of Chinese New year celebration of 5th February. As explained by IBM, mandarin oranges are considered as the symbol of prosperity. The process of main shipping document and the bill of lading, all these activities were being recorded on a Blockchain. Contact Blockchain Phone number which is the easiest pathway to speak to a team of professionals who are active and keep all the information related to Blockchain.
This document is served as evidence of ownership of goods, since the receipt of goods and a contract of the shipment, is already have been mailed to all the parties who are involved in the shipment including banks providing trade financing. IBM created an electronic bill of lading for a pilot or known as e-BL that helps in reducing and speeding up the administrative process “to just one second” as the document flow is programmed as claimed by the company, while on the other side, the standard paper-based way usually takes around five to seven days.
With the means of e-BL, the entire shipment process can be cut down and be more crystal clear with the substantial cost savings,” Tay Khiam Back, the chairman and CEO of fruit importer Hupco, said in a press statement.
Take a glance at Cutting costs and how Blockchain technology is beneficial for the future?
Not only time is being saved with the document processing, but the trial also showed that a Blockchain-based electronic system is beneficial for cutting operating costs such as electricity used for refrigerated cargo containers. It also helps in the handling of information in a better way that provides perceptible and tamper-proof storage of records for the maritime shipment industry where almost 40 % of documents are fraud.
They have received positive word of mouth from the from the industry and authorities and IBM is happy for the fact that how Blockchain developments can transform and boost a much-needed boost in efficiency and innovation into the industry. In the beginning of the year 2019, IBM announced the introduction of another Blockchain-powered supply chain pilot which would be used to track the trip of cobalt mined in the Democratic Republic of Congo that will go via a Chinese refinery and a Korean battery factory to a Ford Motors plant in the U.S. For more information related to new inventions or to release your queries, contact the team of skilled professionals who are always at your service and make sure to release all your problems in the required time so that you can concentrate on your work. Dial Blockchain customer care number and avail all the information and solutions at your home without taking much pain. Join hands with the team and get all the required solutions immediately.