Blockchain technology test proves potentials
A consortium comprising AB In Bev, Accenture, APL, Kuehne + Nagel and a European customs organization has tested a blockchain solution that can eliminate the need for printed shipping documents.
Instead of documents, the relevant data was shared and distributed using blockchain technology under single ownership principles determined by the type of information.
Through a detailed review of the current documentation processes, the partners examined a reallocation of information ownership, accountability and risk enabled by the trust and security blockchain technology offers.
In most regular processes, up to 70% of the data is replicated, data quality is limited and financial settlements are delayed. In contrast, the blockchain solution can speed up the entire flow of transport documents and reduce data entry requirements by up to 80%. This would ensure better quality and a major reduction in costs. (kd)