Marine Transport International, or MTI, is said to have completed a successful pilot of a supply chain automation solution that runs on blockchain.
According to a news release issued late last week, Marine Transport International enables multiple parties in global trade — including supplier, shipper and customs authorities — to access real-time data about a shipment using blockchain. MTI said its pilot of the solution was successful and have been verified by computer scientists at the University of Copenhagen as well as by maritime technology experts at Blockchain Labs for Open Collaboration (BLOC).
MTI also announced a white paper detailing the solution, developed in conjunction with Agility Sciences.
“The results of this successful pilot demonstrate the strengths of blockchain technology when deployed to link the various actors in the supply chain,” said MTI CEO Jody Cleworth in a statement. “We are confident that firms throughout the logistics industry will see a broad spectrum of benefits stemming from blockchain deployment.
“The blockchain has proven to be an excellent way of connecting the different parties involved in any supply chain environment due to the transparency and security-by-design of the technology,” Cleworth continued, adding that the shipping and logistics space has lately fallen victim to high-profile cyberattacks, disrupting operations of some top players, like Maersk.
“A blockchain-enabled supply chain is highly resilient to cyberattack. A copy of the essential shipping data is stored on each node on a decentralized network, meaning that even if one node is compromised, the data is safe nevertheless,” Cleworth stated. “The business case for connecting supply chains using blockchain is very strong. As the interface is easily adaptable to existing systems, there is a low barrier to entry.”
The executive added that an array of logistics players across planes, including sea, air or land, can use such technology. MTI has estimated that savings could be as high as 90 percent due to streamlining supply chain and logistics operations on blockchain.