Global Freight Forwarding Provider, Panalpina, Looks To Blockchain To Optimize Air And Ocean Projects
Global Provider Of Freight Forwarding, Panalpina Involved in Blockchain Pilot Projects Within Air And Ocean Freight Fields
Forwarding and Logistics Services provider, Panalpina has been involved in blockchain pilot projects reports Coin Telegraph. As per the news outlet, the firm revealed the news on Tuesday, June 11, indicating that the aim of said projects is to further enhance supply chains.
This isn’t the first of its likes, as the logistics firm has since committed to two blockchain pilots entailing air and ocean freight fields. Some of the key focuses of the projects include emphasizing on industrial goods and handling of office supplies.
The end result, as the team is hopeful of, is to reduce associated costs, and this will be supposedly be attained by digitizing documents and using cloud as a medium of storage.
According to the Senior Venture Development Manager of Panalpina Digital Hub, Cedric Rutishauser, the initial stages mostly require digitalization with very little attention given to blockchain technology. Since the commencement of the projects, the team allegedly has witnessed drastic improvements, primarily regarding convenience, speed and reduction in courier costs.
Rutishauser noted that only 15% of the entirety of said projects, at least for the moment, utilizes blockchain technology. He further expounded on this point, indicating that despite being a small number, its implementation has also resulted in benefits. In particular, he was quoted saying:
“The real advantage of blockchain lies in the ‘single source of truth.’ Improved data sharing between trade partners creates more transparency, with clear ownership and responsibility for each documented step in the supply chain.”
As for how the projects will develop moving forward, the team at Panalpina anticipate indulging themselves in other areas that emphasize on use cases, some of which includes, “pharmaceuticals, spare parts and ocean core processes,” again a goal set for long-term use. These are in addition to the previously focused areas: efficiency, authenticity, cargo insurance and visibility.