India Plans to Transfer Shipping Documents Using Blockchain Technology


India is officially trying to use blockchain technology to expand its marine sector as it begins to recover from a strong backlash caused by the coronavirus pandemic.

Through the publication of World Cargo News through the Indian Ports Community System (PCS), CargoX has integrated blockchain document transfer (BDT) into the country’s maritime sector. PCS is a division of the Indian Ports Association, whose goal is to create digital alternatives for marine work in the country.

PCS has already been successfully tested by Portall Infosystems, which created it. The test was conducted on the CargoX platform and was used to transfer electronic bills of lading.

According to the report, part of the concept checks checked the compliance of the new blockchain system with the country’s Ministry of Shipping and its digitization plan. Speaking about the development, CEO and founder of CargoX Stefan Kukman, the new platform will help transport companies work better and reduce costs:

“Nowadays, when there are many risks for our common society, we are proud to help shipping companies, which are the backbone of the economy, solve problems with sending documents in the supply chain and allow them to meet delivery dates around the world in a safe and secure condition. an effective way while reducing the cost of transmitting documents. ”

Last month, the Government of India partnered with Agric10x to create artificial intelligence and blockchain to help local farmers streamline their processes.
Leading Shipping Companies Join Blockchain Platforms
Some of the world’s largest shipping companies have joined blockchain platforms to digitize their documentation process. In 2019, the second and fourth-largest shipping companies in the world Mediterranean Shipping Co. and CMA CGM join the IBM TradeLens platform.

The pandemic only forced more companies to digitize their workflow, as traditional systems were unable to realize this because of the practice of social distance. In May, two of the world’s largest port operators, Adani Ports, and Special Economic Zone Limited and DP World, also partnered with TradeLens to use their blockchain-based supply chain solutions.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.