Deep Monkey Reports: Accenture Successfully Tests Blockchain Freight
The Dark Monkey (xiaoyemeidian) reported that on March 14, 2018, a consortium of InBev, Accenture, APL, Kuehne + Nagel, and a European customs organization successfully tested a blockchain solution that eliminates printing The need for shipping documents, and saving hundreds of millions of dollars annually for the freight and logistics industry.
The consortium tested a solution that no longer physically or digitally exchanges documents, but rather uses blockchain technology to determine ownership based on the type of information, and share and distribute relevant data as a principle. Through a review of the current document flow, the team reviewed the redistribution of information ownership, responsibility, and risk with the trust and security features provided by blockchain technology.
The provision of international cargo transportation for companies in the automotive, retail or consumer goods industries typically requires more than 20 different documents, many of which are usually paper documents, to ensure that the goods can be transferred from exporters to importers. Up to 70% of the data in these documents can be copied. The heavy file limits the data quality and the parties view the transaction in real time, which may also delay the financial settlement of the goods.
The solution can speed up the flow of the entire file transport, reduce data entry by up to 80%, simplify data modification throughout the transport process, simplify cargo inspections, and reduce the burden and risk of customers being fined by customs compliance.
Blockchain is a new type of distributed database system that maintains and records data in a way that allows multiple stakeholders to autonomously and securely share the same information. The technology is expected to completely change the operations of financial services, government, health care, entertainment and freight and logistics and many other industries.
"Our experiments have proven the feasibility of the blockchain technology transportation process, many of which can be replaced by secure and distributed data sharing and have clear ownership," said Adriana Diener-Veinott, Accenture's head of freight and logistics operations. "This gives companies a great opportunity to save time and money while improving their service to customers."
The coalition of stakeholders representing the entire international cargo transport has cooperated to test 12 actual shipments and have different destinations, each with different regulatory requirements. Testing confirmed that blockchain can reduce operating costs and improve supply chain transparency.
Each organization involved in these tests represents a specific stakeholder in the shipping process: AB InBev is a typical exporter; APL plays a role as a shipping organization; Kuehne + Nagel provides requirements for freight forwarders and the European Customs Organization Guided, these organizations copied the regulatory requirements that the goods faced. Accenture provides technical and consulting expertise in blockchain technology and develops the technical architecture required to support blockchain solutions, leveraging the capabilities of the Singapore IoT hub to quickly build prototypes. (Deep Monkey Compilation Source: wbtw website)