Israeli Blockchain Start-Up LogChain Completes Its First International Blockchain Shipment
The shipment, from Belgium to Israel, demonstrates the feasibility of performing a full shipping and trade finance digitization process across the supply-chain
Israeli-based LogChain announces the completion of its pilot program, having completed a full cycle of an international Blockchain-backed maritime shipment. The successful shipment was carried out over the unique end-to-end digitized and tamper-proof LogChain platform, handling all aspects of the supply-chain by implementing electronic bill of lading (e-BL) and Letter of Credit (LC) digitization.
The shipment, transferring beverages from Belgium to Israel, was fully conducted using the unique LogChain e-BL, which encompasses the ownership lifecycle and business workflow, as well as digitally signed attached needed documentation.
As the maritime shipping industry continues to expand, growing 3-4% annually, it now stands at over 80% of the global trade volume, which is currently valued at over $2 trillion. With the advancement of digital payment and documentation technologies, the relatively traditional trade market is slowly opening up to new solutions, creating a significant opportunity for LogChain to introduce and implement its innovative digital vision.
In average, the LogChain platform reduces 7 to 9% of shipment costs for shipments partners. In terms of workload, the unique platform can reduce approximately 2 weeks of documentation down to few minutes, removing altogether the need for original documentation using carriers.
As all features are fully orchestrated by LogChain’s smart contracts and invoked by the freight-forwarder, exporter and the importer involved – they are all accessible and visible to all parties in the supply chain, until the shipment is successfully released by the shipping company. LogChain platform is running on Microsoft Azure cloud solution, using Ethereum private consortia.
LogChain CEO & Co-Founder Dudi Avni, commented on the announcement: “We are very proud to have successfully completed this important international cycle, one of the very few in the world. We are on the brink of a new digitization era in the trade market, disrupting the old, cumbersome processes, minimizing fraud risks – and literally saving billions of dollars, which we’ve become so used to spending for the mere sake of bureaucracy. As we progress with our unique end-to-end platform, we are working together with leading shipping companies, banks, freight-forwarders and global importers & exporters in order to create a new ecosystem that could enable this much needed revolution.”