Canadian Border Services Commence Testing IBM Blockchain for Shipping
CBSA has partnered with the second largest port in Canada to streamline freight shipping. The process will begin by testing the efficiency of a blockchain solution before implementing it.
Additionally, Montreal and CBSA will be testing TradeLens. This is a venture that was developed by IBM and A.P which is among the biggest shipping companies in Denmark.
Moller-Maersk disclosed the information last Thursday. The main goal of the venture aims to change from the traditional approach of transporting goods to more modern approaches.
The Venture To Reduce Paperwork In The Shipping Business
The Canadian Press reported Thursday, that the project hopes to reduce the amount of paperwork involved when transporting goods. Soon they will automate their systems to reduce paper work and increase the efficiency of services.
The project that started two months ago has greatly assisted in the electronic clearing and scheduling of goods. In addition, it has made it easier to track containers which are involved in transporting goods. This approach will reduce delays which might also help in decreasing theft that is common in the logistics business, as containers won't sit around unattended for as long. The company anticipates that the venture will be fully implemented before the end of this year.
John Oswosski suggested that this venture targets introducing a digital supply chain that will be trusted by all traders. The platform will serve all shipments arriving in Canada. This is according to the latest press release from the entity. The project has already decreased the transportation time for a specific consignment in America by 40%. As a result, it has reduced the cost of operation for most businesses hence, increasing their profits.
Inma Borrella, a blockchain expert observed that this venture might experience difficulties in the future. One of the challenges is that potential collaborators might not work together.
She gave an example of ocean freight which is slow in embracing modern technology. Therefore, this might hinder it from working with other corporations.
CBSA is among the 90 corporations that will participate in this venture. It will join customs authorities from other jurisdictions like the Netherlands and Australia in this business venture.