To start off the month, IBM has just announced that they have finished their trial of blockchain technology to track a shipment of mandarin oranges from China to Singapore.
3,000 cartons containing an overall weight of 28 tonnes of mandarin oranges (108,000 fruits) were delivered ahead of Chinese New Year celebration on 5th February – mandarin oranges are a symbol of prosperity as IBM explained. The main shipping document, the bill of lading, was recorded on a blockchain.
This document is proof of ownership for the goods, as a receipt for the products and a contract of the shipment and normally it’s mailed to all parties involved in the shipment, including banks providing trade financing. For the pilot test, “IBM created an electronic bill of lading, or e-BL, which helped reduce and speed up administrative processes “to just one second” as the document flow is automated, the company claims — while the standard paper-based procedure takes five to seven days.”
In the press…
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