Accenture, in collaboration with AB InBev, APL, Kuehne + Nagel, and a European customs organization, has successfully tested blockchain technology in the shipping industry.
The consortium tested the technology’s potential to eliminate the need for physically printed shipping documents, saving hundreds of millions of dollars annually. Using blockchain technology, relevant data is shared and distributed under single ownership principles determined by the type of information.
The project partners tested 12 real shipments, with various destinations, each with different regulatory requirements. Through a detailed review of the current documentation processes, the group examined a re-allocation of information ownership, accountability and risk enabled by the trust and security blockchain technology offers. The tests confirmed that the technology can reduce operating costs and increase supply chain visibility, the release said.
“Our trials have proven the viability of a shipping process in which many documents can be replaced by secure and distributed data sharing with clear and defined ownership,” said Adriana Diener-Veinott, who leads Accenture’s Freight & Logistics industry practice. “This gives companies a significant opportunity to save time and money while improving their service to customers.”
For the trial, AB InBev represented a typical exporter; APL contributed its role as a shipping organization; Kuehne + Nagel provided direction on the requirements for a freight forwarder and a European customs organization replicated the regulatory requirements that cargo faces. Accenture provided the technological and consulting expertise on the blockchain technology and developed the technical architecture required to support a blockchain solution.
“The solution can speed up the entire flow of transport documents, reduce the requirement for data entry by up to 80 percent, simplify data amendments across the shipping process, streamline the checks required for cargo and reduce the burden and risk of penalties for customs compliance levied on customers,” the release stated.
