Blockchain-based logistics company CargoSmart has conducted a pilot project with Tesla, Shanghai International Port Group (SIPG) and Chinese cargo operator Cosco for a new application aimed at transforming the cargo release process via blockchain technology.
According to the press release, the project leveraged blockchain technology to conduct a real-time exchange of shipment data between ocean carrier and terminal operator. The official statement also notes:
The application will undoubtedly accelerate the digitalization of shipping industry processes and the further optimization of currently stressed global supply chains,
The application will be further developed for participants of the Global Shipping Business Network (GSBN) blockchain consortium, once it is officially established.
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The project was designed to minimise consignee and shipping agent verification steps with their ocean carriers in order to speed up the release of sea waybills. As a result, truckers are able to pick up their cargo at the terminal faster, helping shippers meet delivery windows and ensure that service quality and customer commitments are met.
During the pilot in December 2019, Cosco and SIPG streamlined the cargo release process by enabling Tesla to accelerate its cargo pick up procedures on a trusted and secure platform. The pilot also allowed SIPG to view a single, trusted source of Cosco’s sea waybill data, enabling faster preparation of delivery orders for consignees and their shipping agents. In late March 2020, CargoSmart further enhanced the application to display laden gate out, appointment date, and terminal release, enabling shippers to have better visibility of their cargoes. Henry Huang, a CEO at SIPG, commented:
The application will undoubtedly accelerate the digitalization of shipping industry processes and the further optimization of currently stressed global supply chains,
An announcement does not specify on blockchain details nor on what kind of parts Tesla is transporting to China. However, the US company has its Gigafactory in Shanghai, where it produces Model 3 vehicles for the Chinese market.
