CargoSmart – the software-focused subsidiary of HongKong Orient Overseas Container Line – reportedly looks to streamline the cargo release process, with its freshly-designed blockchain-based tool.
Specifically, an alliance has been forged among Costco, CargoSmart Shanghai International Port Group (SIPG), and major clean energy and electric vehicle manufacturing firm Tesla, to put the blockchain application through a pilot phase.
The existing paper processes of the shipping sector comes across as cost-inefficient and time-consuming, which ultimately bring down the efficiency level of the entire industry.
CargoSmart has reportedly been investing resources in coming up with an application that helps remove a few stages to the consignee and shipment agent verification process.
The company reportedly has a primary goal of achieving documentation process digitization, along with bringing down the time needed for cargo pick-up activities from shipping terminals, which ultimately shortens delivery time.
“The application will undoubtedly accelerate the digitalization of shipping industry processes and the further optimization of currently stressed global supply chains.” Cargosmart further remarked, regarding the benefits their blockchain tool can bring to the international shipping sector.