CargoSmart, COSCO, SIPG and Tesla launch cargo blockchain pilot

Top view of Deep water port with cargo ship and containers. It is an import and export cargo port where is a part of shipping dock and export products worldwide

CargoSmart Limited, a leading shipment management technology solutions provider, announced that it conducted a pilot project with COSCO SHIPPING LINES (COSCO), Shanghai International Port Group (SIPG), and Tesla, Inc. (Tesla) for a new application to transform the cargo release process.

According to a statement, it is one the first pilot projects with an ocean carrier conducting a real-time exchange of shipment data with a terminal operator through blockchain.

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 (related post on COSCO’s official WeChat account).

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.

CargoSmart said the pilot demonstrated the benefits of having a single, trusted source of truth in cargo documentation, as well as the efficiency gains for industry participants.

The company believes the application will “undoubtedly accelerate the digitalisation of shipping industry processes” and optimise “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.

Henry Huang, Executive DGM of Operation & Business Department of SIPG, said, “The pilot is a key component of our journey towards paperless, trusted, and seamless trade processes at the Port of Shanghai, and it demonstrates the benefits for supply chain stakeholders around the world.

“We look forward to extending the collaboration with more supply chain stakeholders to render extraordinary service to our community.”

Wu Yu, General Manager of Business Process & System Division of COSCO said, “The pilot with SIPG and CargoSmart showcased significant efficiency gains not only in the cargo release process, but also for downstream supply chain planning by presenting a single source of truth for documentation for all involved parties.

“We look forward to more blockchain-based applications that can create value for customers and the industry alike.”

CargoSmart is a central component of the Global Shipping Business Network (GBSN), an industry initiative between carrier, ports and port authorities to improve the global supply chain with exponential technology.

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