Using Blockchain, Israel’s ‘Zim’ Eyes Sea Change In Musty Shipping Sector
This article was first published by The Times of Israel and was re-posted with permission.
Haifa-based shipping giant Zim Integrated Shipping Services believes it is about to revolutionize the maritime shipping industry, bringing the blockchain technology to a market that is still tied to 17th century codes and customs.
The shipper has successfully experimented with a blockchain-based “paperless trade tool,” allowing the secure exchange of original documents, the company announced on Monday. The pilot program, calling for an electronic bill of lading — the key instrument of global shipping control — was completed through a collaboration with US firm Sparx Logistics and Israeli startup Wave Ltd. This represents the first test of its kind for an ocean-based shipping company.
The test consisted of three containers being shipped from China to Canada, with US-based Sparx shipping the containers, and Wave having developed the blockchain application.
Zim developed the solution after “a long market analysis,” the company said in a statement, and is convinced that “Blockchain technology and the Wave application can be the solution that will drive the trade to the digital era.”
The firm’s new CEO, Eli Glickman, said in a statement that he was “proud that Zim leads the way in introducing Blockchain technology to the shipping world.”
“Promoting innovation and technology in our industry is an integral part of Zim’s vision,” said the shipper’s chief information officer, Eyal Ben-Amram.
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