Associated British Ports (ABP) Seeks Blockchain Benefits for Shipping Logistics Improvements
The Blockchain wave is gradually catching up with most industries in both developed & developing economies. According to a report by the Dry Bulk magazine, the Associated British Ports (ABP), the lead port operator in UK, is planning to integrate the blockchain network with its system.
As a result, the company has pursued a strategic partner to help accomplish the blockchain vision. ABP entered into a partnership with Marine Transport International, a digital logistics firm, to help with the development of the network.
An agreement was signed by ABP & Marine Transport International to be the guideline for deliverables expected within this milestone. The blockchain testing phase will be done with sample shipments as opposed to integrating all the 21 ports run by ABP at the moment. The firm handles approximately 25% of the cargo shipped to & fro Great Britain.
Dry Bulk magazine reports indicate that the current shipment ecosystem used by ABP lacks P2P communications between the participants. Therefore, shippers, carriers and port operators have separate systems which they have to keep counterchecking during the loading and clearance processes. Blockchain network could easily solve this inefficiency by reducing the time spent on recording & confirmation of data. In addition, the platform will also increase transparency with ABP’s ecosystem.
The CEO & founder of Marine Transport Intl, Jody Cleworth, believes that blockchain is indeed the solution according the sentiments he echoed,
“With blockchain, we can connect all those systems to ensure data is accurately and quickly shared, helping speed-up and simplify the flow of trade in and out of the UK.”
ABP is not the first shipping-related entity to deploy resources for blockchain development. Back in June, blockchain technology was suggested as a registration avenue for local ship operators in Denmark. Another port wing in Abu Dhabi is also operating a live platform to solve its logistics problems.
Popular figures that have positively commented on blockchain include FedEx CEO, Fred Smith. Mr. Smith focused on blockchain’s impact in the supply ecosystem noting that the technology will transform this sector completely.