Last week, Alibaba joined the International Port Community Systems Association’s (IPCSA) blockchain bill of lading initiative as part of the Logistics Visibility Task Force. The task force was set up by Alibaba, LOGINK, and IPCSA to develop digital logistics solutions and speed up trade. LOGINK is China’s state backed information network for sharing logistics data.
The bill of lading blockchain project aims to standardize blockchain applications in logistics and e-commerce and expects to launch a proof of concept soon. Israel Ports Company is leading the initiative after it completed blockchain pilots with ZIM and a few others.
The bill of lading is an essential legal document required for releasing cargo from a port. However, this document is usually sent separately from the shipment using a courier. This increases the risk of fraud and the potential loss of documents.
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