Russian shipping company Infotech Baltika will develop a blockchain-based system called Edge.Port for the ports it serves in through a partnership with Iconic – a blockchain startup company from Moscow.
Russian maritime media reported (Feb 11) Infotech Baltika’s new system will allow its clients to store all necessary documentation and shipping information on a blockchain. In addition, all port services offered by Infotech Baltika, such as vessel parking and tug boat rentals, can be ordered and tracked through the online system without the hassle of needing to go through paperwork.
Iconic said that with the system in place, Infotech Baltika will be able to cut its port operation time from 4 hours down to a mere 25 minutes. Up to an hour can also be shaved off during ship unloading, which could lead to a 3% to 5% increase in overall port capacity.
Infotech Baltika has been in business since 1992, with operations in 14 ports across Russia and the surrounding region. Serving more than 3,000 port calls to help move over 50 million tons of cargo a year, the company was crowned the best cargo shipper in St Petersburg for 2017.
The shipping industry has been increasingly keen on adopting blockchain technology to improve its processes. Last month alone, The Crypto Sight reported that Israel’s largest cargo shipping firm ZIM had launched its own blockchain-powered platform to issue electronic bills of lading, while Spain’s port authority signed onto IBM’s Tradelens shipping platform.