Deloitte, Kerry Logistics and CargoSmart Digitize Global Logistics with Blockchain

by Nicolette Emmino

Deloitte, Kerry Logistics and CargoSmart have successfully connected multiple distributed ledger technology (DLT) networks for a platform to enhance efficiency for the shipping industry worldwide by digitizing document exchange between forwarders and carriers, as well as improving the traceability of shipping documents. The platform’s proof-of-concept (POC), completed in December 2018, is interoperable across different DLT and cloud networks commonly used by participants in global trade and finance.

“A healthy logistics ecosystem is paramount in global trade, but complicated documentation has been a structural problem. Document digitalization is not just the first step, but also a groundbreaking step in the transformation of the logistics industry. In addition to facilitating document coordination, DLT speeds up approvals, provides updated and secure data for informed decisions and offers a source of truth for all participants, especially banks, insurance companies and other financial institutions. We, therefore, expect even greater benefits from DLT applications for shippers, forwarders, carriers and other players at large in the future,” said Deloitte Asia Pacific Blockchain Lab Leader Dr. Paul Sin.

“At Kerry Logistics, we believe simple is beautiful. Distributed ledger is a technology that could simplify the complicated transactions in logistics operations. When we eliminate redundant processes, we can bring new benefits to our customers and to the planet, which has always been one of Kerry Logistics’ beliefs.

According to Wilson Lee, Group Director of Information Technology, Kerry Logistics, blockchain is more than cryptocurrency, it is the future of logistics, especially when Internet of Things applications are put to use. 

“Kerry Logistics sees it as the solution for ultimate supply chain optimization and is trying all means to be in the vanguard of this revolution,” added Lee.

CargoSmart will also be working collaboratively with Deloitte and Kerry Logistics to bridge the gap between the shipping and finance industries by utilizing distributed ledger technology.

This project proved the network-to-network interoperability and demonstrated cross-industry collaboration.

Source: Deloitte

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