Orient Overseas (International) Ltd- invested shipment management software provider CargoSmart has moved into the blockchain space with a shipment documentation solution to improve complex supply chain processes.
CargoSmart projects a 65% reduction in the time required to collect, consolidate and confirm data from multiple parties and to handle shipping data that is repetitive in different documents by leveraging its blockchain shipment solution.
“The solution establishes a digital baseline for trusted shipment documentation management across the shipping and logistics industry,” CargoSmart said in a press release.
“Blockchain technology provides immutable records and a trusted network to offer secure and traceable documentation,” said Steve Siu, chief executive officer of CargoSmart. “Providing a solution for supply chain parties to auto-fill repeated and verified information can dramatically increase data accuracy and efficiency for the whole logistics process.”
CargoSmart has been working closely with Oracle, which recently launched Oracle Blockchain Cloud Service. Oracle’s blockchain platform enables organizations to easily build blockchain networks to drive more secure and efficient transactions and to track goods through supply chains on a global scale. Its enterprise-grade architecture, interoperability and decentralized governance model make it ideal for organizing and tracking international shipments through all involved parties.
CargoSmart will continue working with Oracle to build comprehensive blockchain networks with breadth and depth to serve key customers.
“Maritime shipping is essential to global trade, but it often suffers from inefficiencies in the complex documentation processes across many involved parties,” said Amit Zavery, executive vice president, Oracle Cloud Platform.
“CargoSmart’s new solution, powered by Oracle’s blockchain cloud platform can help engender trust and confidence in the ecosystem. Its gives users across the entire shipping ecosystem a trusted, secure, scalable, and resilient means to share information, helping to speed up turnaround time, reduce disputes and lower costs.”