Infotech Baltika to Use Blockchain in Port Logistics
According to Russian maritime news outlet Morvesti, a Russian shipping logistics company Infotech Baltika has vowed to develop a blockchain-based system for the ports in which it operates.
In its pledge to develop the blockchain-based solution, dubbed Edge.Port, the firm has now partnered with Moscow-based blockchain startup Iconic.
The network will allow participants in port activity to store all necessary documentation on a blockchain. According to the report, all services in port, including vessel parking and tug boat rentals, can be ordered and tracked online without time-consuming paperwork via the blockchain system.
Infotech Baltika said that Edge.Port project will enable the firm to reduce the time spent on port operations from four hours to 25 minutes.
Also, the use of blockchain could reportedly save up to one hour while the ship is being unloaded. As a result, overall port capacity could increase by 3 to 5 percent, Iconic wrote on its Facebook page today, Feb. 12.
The firm claims to operate in 14 ports all over Russia and in other several European countries, which include Italy and Cyprus. With over 3,000 ships in operation every year, in 2017 the company was named best cargo shipping performer in St. Petersburg, in terms of the value of goods processed, moving goods valued at over 100 billion rubles (about $1.5 billion).
Blockchain is currently being widely implemented in the maritime industry, both by port operators and logistics companies. For instance, Israel’s largest cargo shipping company, Zim, recently opened its blockchain platform to all clients in select trades, following a successful pilot.