The Port of Brisbane has collaborated with PwC Australia and the Australian Chamber of Commerce and Industry to develop a blockchain technology to link the supply chain and revolutionize international trade.
The system is currently in the proof of concept stage, and is aiming to build a blockchain-based end-to-end supply chain — digitizing the flow of information, improving connectivity for all participants in the supply chain, and reducing costs for all businesses and involves parties.
Port of Brisbane’s CEO, Roy Cummins, said: “To drive new efficiency gains, industry leaders need to develop mechanisms which facilitate the integration and interoperability of commercial operators across the supply chain and logistics sector.”
Australia has experienced increasing growth in its trade volume, which is putting pressure on its ports and supply chains to process, screen and clear goods efficiently.
Australia currently moves approximately 9 million containers through its five major ports annually — a figure that is expected to rise to 15 million by 2025.
Read the latest technical paper from Wolfgang Lehmacher of the World Economic Forum — “Ports for Tomorrow: Smart Links in Supply Chains”
Australian Chamber’s Director of Trade and International Affairs, Bryan Clark, said: “At present the current inefficiency across Australian supply chains has added to the cost of doing business, creating up to $450 in excess costs per container.
“This doesn’t just represent in excess of $1bn in value lost, but goes to the heart of Australian commodity trade viability when it gets priced out of the competitive global market.”
PwC Partner, Ben Lannan, commented: “The port – whether sea or air – is the first and last point of domestic contact in the international supply chain, and is the primary point at which all significant supply chain participants converge.
“To grow Australia’s trade competitiveness, we need to look beyond our ports.”