Israel’s biggest cargo shipping firm ZIM has launched its own blockchain-powered platform to produce electronic bills of lading (eB/Ls) for all its customers in selected trade areas, according to industry media source TradeWinds.
Following a successful trial of more than a year, Cointelegraph has noted ZIM claiming that the blockchain platform is not just able to replace existing paper-based processes, but also enhance the workflow for channels such as email and fax. As opposed to days or weeks to conduct a transaction, processing time could be reduced to as little as under two hours.
ZIM intends to open up its blockchain-based eB/Ls to all its clients in Asia, South Africa, North America, and the Mediterranean during the first quarter of this year.
The shipping industry has been exploring blockchain-based solutions of late. Last year, a collaboration between IBM and Danish shipping giant Maersk, known as TradeLens, was reported by Forbes to be doing well, adding 92 clients as part of its global launch.
In September 2018, Britain’s largest port operator Associated British Ports signed an agreement with digital logistics operator Marine Transport International to develop blockchain solutions to better facilitate the movement of cargo through its port terminals.