Zim, one of Israel’s leading cargo shipping companies, is in the news for opening its blockchain platform designed to improve the movement of electronic bills of lading. The platform, which is now being opened to all clients, in a selected number of trades, was first tested for about a year by the company.
The company seems to be quite happy with the outcome and claims that “blockchain can not only replace the currently existing paper-based processes, but also improve the workflow conducted via email, fax, and other channels.”
More About the Happenings
The company recently conducted two large transactions using the platform. Each of the operations took about two hours to complete, which is more efficient than the traditional method that took days and in some cases even weeks to complete.
The blockchain-based network was quick in delivering electronic bills of lading, thus proving to be more efficient.
What’s the Plan Now?
Having realized the benefits of the system, Zim now plans to open blockchain-based transactions to all clients. However, it will solely be focusing on North American, South American, Mediterranean, and Asian countries for the first few months.
One of the company’s executives, Eyal Ben-Amram, spoke very positively about the technology while also highlighting the company’s intention to maximize digitization.
Zim, the 11th largest operator by volume, is not the first cargo company to make use of the blockchain technology.
Associated British Ports, a British port operator, was last year in news for signing an agreement with Marine Transport International, an international digital logistics operator, to create a blockchain-based platform designed to reduce data management and improve logistics.
The success of Zim’s platform will hopefully pave the way for more companies to jump the bandwagon and utilize the benefits blockchain has to offer.
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