ZIM Shipping Company to Use Blockchain Technology for Product Shipping

Blockchain arrives at new ports after the decision of ZIM to implement blockchain-based bill of lading. The global shipping company has decided to develop blockchain solutions in order to simplify the overseas shipment process.

Simplifying the Overseas Shipping Industry

Nowadays, the logistic industry is a problematic world. Boundaries, papers, controls, enterprises, customs and different offices are involved in it. That situation makes difficult and tedious the transport of goods among countries.

With blockchain technology, the industry could receive a bump by facilitating the process, reducing times and minimizing the use of old technologies. Blockchain is able to update data information across its platform almost instantaneously. In addition to it, it can bring transparency to a bureaucratic mechanism of control. Blockchain is able to track shipments, making it almost impossible to lose their route, reduce control times and to avoid counterfeit goods to enter the market.

ZIM statement on the topic reads:

“An electronic substitute to the traditional Negotiable Ocean bill-of-lading has been the industry’s Holy Grail for many years. ZIM Integrated Shipping Services is pioneering the new solution following a long market analysis; ZIM is convinced that the blockchain technology and the Wave application can be the solution that will drive the trade to the digital era.”

ZIM Integrated Shipping Services, a global shipping conglomerate, has decided to collaborate with SPARX Logistics and Wave Ltd to create a paperless bill of lading. This is an old system that requires the information of the maritime transport, the cargo and the containing contractual terms of it. This situation makes the overall transport process a tiresome one.

But this company is not the first one to use blockchain technology. Maersk, one of the biggest global shippers in the world, has worked with IBM to reduce the problematic paper proceeding in global shipping.

“Just a simple shipment of refrigerated goods from East Africa to Europe can go through nearly 30 people and organizations, including more than 200 different interactions and communications among them,” reads IBM’s research on the matter.

Samsung to Work with Korean Government in Blockchain-based Platform

Samsung SDS will start to work with the South Korean government in order to develop a blockchain technology-based platform for the public sector. The fields that will be covered with this platform are welfare, public safety and transportation. The main objective is to increase the government’s transparency in 4 years.

South Korea has decided to ban ICOs following the Chinese decision some months ago. But blockchain technology is growing and evolving in the Asian country. Hong Won-Pyo, CEO of Samsung SDS said:

“Samsung SDS Blockchain technology and consulting capabilities will contribute to Seoul’s leap as a top-rate global city.”

As ZIM, the South Korean governments wants to bring transparency and security to the public system. Blockchain technology allows governments to create, control and track data, actions that governments perform on a daily basis.

Samsung SDS has already worked with its Nexledger platform.  According to the company, the platform could be a viable solution for shipping logistics.

Image Source: TheMerkle

The Bear Market Report
Our Bear Market guide not only helps you survive this crypto winter, but also guides you through the foundation you'll need to thrive in the next bull run.