The Israel Ports Company has begun a new pilot project to evaluate the use of blockchain technology for transferring digital bills of lading, to examine how such a system may be used to streamline supply chain processes and prevent forgeries and delays.
The project will involve the creation of a joint database of all authorised parties, who will be able participate in transactions simultaneously and transparently, without using any paper documents. The use of blockchain is intended to increase security throughout the supply chain and reduce the risk of documents being lost or forged, or delayed during transfer.
The first bill of lading processed through the system involved ZIM Integrated Shipping Services, exporter Adama, Damco Logistics, and PPL 33-35, which operates the Port Community System in the Ukraine.
Within the framework of the pilot, a bill of lading was electronically issued by ZIM, transferred to the exporter and then to the importer in Ukraine. The digital system was then able to provide information as to which party held the electronic bill of lading at any time, together with the logistics status of the cargo, its entrance to the port, its loading on the ship, and so on.
“We are working to promote every technology whose goal is to streamline and improve the service on behalf of all the providers and recipients of port services, including the field of bills of lading – a field in which a significant demand for streamlining and protection was generated by the customers,” said Shlomo Breiman, CEO of the Israel Ports Company.
“We hope that the pilot will succeed, and that we will be able to expand the service to all companies.”
