Zim, which is the largest cargo shipping firm in Israel has launched the Blockchain platform for electronic bills of lading (eB/Ls) to all the clients in preferred trades.
After the successful launch of its blockchain-backed platform which worked for around a year, the shipping firm mentioned that blockchain is able to replace currently running paper-based processes and also improve workflow conducted through email, fax, and other channels.
Based on the report of TradeWinds, the two latest transactions on the platform were held in less than two hours each. With the use of blockchain based system, the electronic bills of lading were delivered faster as compared to the traditional system which takes weeks or multiple days.
According to the new move, blockchain-based trades will be available for all the clients with a special focus on Asian, South African, North American, and Mediterranean countries in the first quarter of 2019.
In order to provide blockchain services to more customers, Eyal Ben-Amram who is the Zim's chief information officer mentioned that maximizing digitization is a part of the company's strategy.
As per the details shared by shipping data provider Alphaliner, Zim currently ranks 11th as the largest container operator in the world in terms of the volume of freight transported.
Previously, a subsidiary of leading United Arab Emirates seaport operator Abu Dhabi Ports released a global blockchain pilot with the port of Antwerp. The firm released the platform to deliver the best cargo monitoring and to enhance trade flow and supply chains between U.A.E and Belgium.
Before 4 months, a leading UK port operator Associated British Ports signed a deal with digital logistics operator Marine Transport International to build a blockchain based platform for port logistics to decrease the amount of manual data management.