This is first of a kind trial pitting a sea carrier and an automaker that will usher in a real-time shipping data sharing. The entire process will be monitored through blockchain technology by an operator.
Collaboration in blockchain-based supply chain solution trials
As per reports, CargoSmart has collaborated with Tesla, a shipping outfit Cosco Shipping Lines and Shanghai International Port Group (SIPG) in a bid to come to provide a lasting solution in the cargo dispatch process. This will provide a cheap cross border payment solution.
The system will also provide banking solutions to the unbanked population whilst adding efficiency in the supply chain. This is a viable real-life App born from blockchain. It is a revolutionary data generator and documentation application that will instill trust in the industry.
Tesla blockchain-based supply chain solution app eases verification friction
The trial project is aimed at improving verification processes between the shipping stakeholders thus speeding up waybills. This will make it seamless for truckers when they pick cargo from shipping terminals. This will speed up the shipments and decongest the ports.
The December 2019 pilot project saw SIPG and Cosco optimize cargo dispatch processes that saw Tesla accelerate the pick-up process on a secure and trusted ecosystem. The trials took place in Yangshan port where Cosco ships docked and Tesla pick the spare-parts loaded cargo for the new “Gaga” assembly plant in Shanghai.
Tesla has been under fire due to lack of efficiency in its production and blockchain is seen as the best solution. However, the new facility in Shanghai has a capacity of producing 250,000 new autos per year. Wu Yu, the Cosco spokesman says that with the optimized waybill processing, significant cargo release improvement has been achieved since this is the basis of the planning supply chain sector.