On the eve of the Chinese New Year celebration, the technological giant IBM delivered 28 tons of oranges and tangerines from China to Singapore. When issuing a bill of lading confirming the contract of shipment, the blockchain technology was used, reports CoinDesk.
IBM experts note that the electronic bill of lading (e-BL) has accelerated administrative processes “to one second”, which, in turn, has reduced the cost of storing fruits.
“Blockchain provided us with a monitored and protected from unauthorized access document storage for the shipping industry, where document fraud accounts for 40% of all fraud cases,” – added IBM.
The pilot project has already received positive feedback from the industry and authorities.