Shipping document handling processes are complex and include dated paper processes that involve many stakeholders across countries. In addition, companies in global shipping have very diverse technical capabilities and data standards, exchanging documents in many formats. On average, a single shipment can involve more than 30 documents exchanged by all parties, often with multiple revisions, before it leaves port.
CargoSmart’s blockchain solution aims to simplify the shipping documentation process, increase trust, and boost efficiency. Connected through a blockchain documentation platform, the entire shipping ecosystem can reduce disputes, avoid late penalties from customs agencies, expedite documentation turnaround times with carriers, and reduce detention and demurrage costs once containers arrive at destination ports.
CargoSmart Launches Blockchain Initiative to Simplify Shipment Documentation Processes
Permissioned blockchain global logistics platform to empower supply chain parties to increase document accuracy, efficiency, and traceability
Multiple parties submit all sorts of data elements, documents, and amendments in a short period of time. CargoSmart will link the data elements and documents together according to their relationships. Once the documents are linked, they should have fewer errors and be faster to track.
With the unique characteristics of a blockchain solution, each document will include a digital signature, time stamp, an easy uploader for users to submit documents.
CargoSmart will provide notifications when deadlines are approaching. Alerts will be generated when data inconsistencies occur.