Japan’s NEDO is Creating Blockchain Data Sharing System For Energy Trade

NEDO Undertaking A Blockchain System Project

The New Energy and Industrial Technology Development Organization (NEDO) is working towards a blockchain data sharing system, having been given a passed mandate by Japan’s Ministry of Economy, Trade and Industry (METI) – its parent organization.

Digitizing Logistics Data

NEDO, Japan’s biggest public management organization, is focused in promoting both research and the development of energy and industrial technologies within the country. The organization is terming this new Project as Development of Infrastructures for Creating New Industrial Models Taking Advantage of IoT.

The project prompt establishment of complete infrastructure which will primarily be based on Blockchain technology. In the end, this project will not only digitize but also enhance the logistics data sharing process in the trading supply chain.

Some of the entities within the supply chain include port authorities, brokerage operators, shipping companies and also insurance companies.

According to the agency’s press release, the trading and shipping industry’s logistics data sharing process which involves piles of paper files and also PDF documents is not only expensive but also takes up tremendous manual work. Each of the documents needs to be checked manually for errors as well as redundant data. The level of inaccuracy is therefore unreasonably high.

For this reason, NEDO’s hope is to be able to put in place a digitized system which is not only more efficient but also accurate and cost effective in place of the old process. A higher degree of transparency as well as accountability will be introduced into the logistics data process system through this Blockchain Project

NEDO has partnered with one of the biggest information technology companies in the country NTT Data to see this project off. A press statement released by NTT revealed that the entity was planning to launch the social implementation of new Blockchain system during the 2019 fiscal year.

Global Shipping And Logistics Operations Reformation

The customs and Border protection (CBP), one of the biggest law enforcement agencies in US, also made a move earlier this week by launching a live test of a Blockchain powered platform that will track shipments.

There are also many corporates and authorities looking into restructuring their shipping industry. This is evident even as a syndicate of organizations teamed up back in March to test a Blockchain platform for the Bill lading process in the shipping industry. Some of the companies taking this bold step include Accenture, shipping line APL; freight forwarding company Kuehne + Nagel; InBev – a beverage making giant and customs company from Europe.

Maersk also made an announcement in August about teaming up with IBM to launch TradeLens, a Blockchain based logistics and shipping platform.

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