Deloitte Completes Blockchain Trial with Hong Kong’s Kerry Logistics and CargoSmart
Deloitte, an international audit firm, has successfully completed a trial run of digitizing the supply chain process on multiple blockchains. The completing of the trial was announced on February 1, 2019.
The Project was completed as a collaboration between Deloitte, Kerry Logistics and CargoSmart, which are a blockchain firm and supply chain firm respectively. The Proof of concept that was made use of was also made available to multiple blockchains and this was done to ensure greater efficiency.
There was great emphasis on the documents that are exchanged between shippers and carriers and the blockchain seeks to ensure the authenticity of the documents and make sure they are tracked effectively. Its interoperability was seen by those involved as an asset that gave the project a leg up above traditional platforms.
“In this project, we proved the network-to-network interoperability and demonstrated the cross-industry collaboration. With a single source of truth, it simplifies the documentation process and accelerates the data exchange across multiple parties, creating a better end-to-end supply chain journey for users in the near future,” said CargoSmart
“A healthy logistics ecosystem is paramount in global trade, but complicated documentation has been a structural problem,” said Deloitte Asia Pacific Blockchain Lab Leader Dr. Paul Sin. “This pilot project has proved that openness to cooperation and tech interoperability are pivotal factors for success, and we look forward to seeing more similar cross-industry collaboration in the DLT space in the future.”
The management of Kerry Logistics has stated that one of the main benefits of this platform is to remove redundant processes which slow down the supply chain and by doing so, a world of benefits are unlocked. Interestingly enough, Wilson Lee, Group Director of Information Technology, Kerry Logistics commented by saying that blockchain is more than just cryptocurrency and has wider use, such as in this case.
This mirrors the opinion held by many that blockchain as a platform is more useful than Cryptocurrency, the currency that is created from blockchain. This can be seen the places like China that are hostile towards cryptocurrency but have embraced blockchain.
Also, if there is an industry that has taken to the blockchain, it is shipping and logistics. This is because global trade involves a very complicated supply chain and the use of blockchain makes the processes involved much easier. According to the World Trade Organization, the use of blockchain is set to add billions of dollars to global trade in the next decade.