The Australian arm of PwC, a multinational corporation, has teamed up with the Port of Brisbane in an attempt to revolutionize and innovate both the shipping and blockchain industries. For the first time, a company will attempt to use blockchain technology for the shipping industry. Shipping companies will no longer have to rely on old and outdated technology to rely locations and schedules. Using blockchain relays they will now be able to give lighting fast, real-time updates of shipping locations.
This experimental partnership is promising for the future of blockchain because if it succeeds then companies all around the world will be wanting to utilize very similar blockchain technology. Almost every industry that is now proliferated with blockchain technology started off with just one company giving it a shot. It seems that the Port of Brisbane and PwC will be the revolutionaries who bring blockchain technology to the shipping industry.
Ben Lannan, a PwC partner, said:
“The Trade Community System proof of concept is the first stage in building an innovative end-to-end supply chain that will digitize the flow of trading information” Where there is innovation occurring, there will almost always be a company standing at the forefront of that innovation, and when it comes to the shipping industry and blockchain it seems as though PwC is that company.
What is PwC?
PwC is one of the largest accounting firms in the world and in just the Australian firm alone they employ hundreds of thousands of employees and a little under $40 billion in annual income. They have a history of seeking to ride the blockchain wave. They were the second company to allow the decentralized cryptocurrency that has been sweeping the world, Bitcoin, as payment for transactions.
They have not only pushed blockchain technology in the shipping industry, but are also promoting the technology in other markets such as accounting and business markets. They were one of the first companies to widely accept Bitcoin as payment for transactions. They now offer financial counseling with Bitcoin and cryptocurrencies in mind. They advise customers on the risks and possible benefits of investing in cryptocurrencies.
Port of Brisbane
The port of Brisbane accepted this partnership with open arms as they have been looking for ways to modernize and improve their company. Port of Brisbane CEO, Roy Cummins, stated: “To drive new efficiency gains, industry leaders need to develop mechanisms which facilitate the [integration] of commercial operators across the supply chain and logistics sector.” With this huge step forward in terms of shipping technology, the Port of Brisbane will likely become a huge player in the future of blockchain and international shipping.
It is inherent within the business model of just about every company to want to stay ahead of the curve when new technology is coming out because there is always something special and beneficial to being one of the first companies to revolutionize an industry. The Port of Brisbane has an interesting a unique opportunity because they will be using blockchain technology to rely information that is both safe, fast, and easy to use.
With this new Innovation there is likely going to be huge changes to the shipping industry as a whole. Blockchain technology will be the center of these changes for years to come.