Blockchain – International Trade

Blockchain technology will
revolutionize international trading SAP is demonstrating how
different parties can save time and money through digitized
accelerated processes. In international trade it’s not just the
seller and buyer involved. there are banks insurers carriers freight
forwarder agents brokers and you can be sure there will be authorities
involved today parties exchange data and documents in an isolated peer to peer
manner there is no consistent view of the process or document versions individual
interfaces between partner systems are costly, manual handling of paper
based documents is inefficient and delivering paper documents via
express courier services adds another significant cost factor. Blockedchain for
ocean shipping resolves these issues and delivers joint benefits for all parties
in the business network block chain for ocean shipping can be operated by SAP Cloud
Platform Blockchain Service the various parties can use a cloud
application to access the blockchain or connect any system via web services
the trade is documented and involved parties are invited and enrolled
relevant documents like the letter of credit are shared and
signed electronically the shipment process is managed jointly the shipper submits
documents relevant for export customs once customs clearance status is received
the ocean carrier posts the bill of lading here for instance from SAP’s
transportation management system. Using a mobile app electronic
documents can be digitally signed the ownership of a bill of lading is
securely transferred banks insurers and buyers always have a clear
picture of what’s going on at the destination country it’s
about import customs clearance and getting the container released
from the port of discharge. SAP’s highly secure container
release process includes Mobile QR code scans, two factor authentication and a check against the block chain
based entitlements. blockchain for ocean shipping aims to establish
a new level of security trust and transparent it transforms ocean
shipping processes enabling digital document sharing signing and approval
in short this new solution brings cost savings time efficiency as well as the
elimination of fraud and stolen freight. SAP is working in close cooperation with
customers in a co-innovation model for this new solution. to find
out more contact SAP through

Leave a Reply

Your email address will not be published. Required fields are marked *