Within the ongoing Corona pandemic halting the regular workflow of the Indian cargo shipping industry, India’s maritime industry is looking forward to utilise the CargoX platform for Blockchain Document Transfer [BDT].
In line with a recent report by World Cargo News, CargoX collaborated its BDT into the Indian Port Community System (PCS) – which is a subsidiary of the Indian Ports Association aimed towards digitizing India’s existing maritime infrastructure.
Portall Infosystems, the firm that developed the PCS, along side international shipping companies successfully tested the CargoX platform for transmitting electronic bills of lading.
Explaining further CargoX added that the company utilises proofs-of-concept to make sure the system’s compliance with the Indian Ministry of Shipping’s digitization initiative. The tests were conducted for “various use-case scenarios, along with the breakbulk and container shipments, export, and import from and into India.”
Presently, the PCS is integrated at 19 major & minor ports across whole India managing over 16,000 corporate stakeholders. The collaboration of CargoX with the PCS will now permit the stakeholders to electronically manage the bills of lading along side other shipment documents, thus reducing time as well as the price consumption within the process.
A Push Towards Adoption Of Blockchain Technology
Some of the most important shipping firms operating globally have joined blockchain platforms for digitizing their documentation process. Earlier in 2019, the world’s 2nd and 4th-largest shipping firms namely, Mediterranean Shipping Co. and CMA CGM, partnered with IBM’s TradeLens platform.
The pandemic has only made several firms to adopt digitisation within their core of workflow as the traditional systems failed to deliver benchmarks due to social distancing practices. Earlier in May, two of the world’s largest port operators Adani Ports and Special Economic Zone Limited & DP World also collaborated with TradeLens to utilize its blockchain-based supply chain solutions.