Blockchain technology "set to revolutionise" logistics industry
A successful pilot programme delivered by logistics technology company Marine Transport International (MTI) has reportedly demonstrated that the logistics industry will see improved connectivity, efficiency and security thanks to blockchain.
MTI, in conjunction with Agility Sciences, have today released a whitepaper detailing the deployment of their Container Streams system in a supply chain environment.
The results of the pilot have been verified by scientists at the University of Copenhagen and maritime technology leads at Blockchain Labs for Open Collaboration (BLOC).
The project, which has connected supplier, shipper, load point, customs and terminal on a shared blockchain ledger, has far reaching consequences for the logistics industry as it seeks new ways to improve security and profitability.
All parties involved in the supply chain benefit from automated data flows as the system allows complete interoperability of data sources, even including legacy systems.
Jody Cleworth, CEO of Marine Transport International, commented: “The results of this successful pilot demonstrate the strengths of blockchain technology when deployed to link the various actors in the supply chain.
“We are confident that firms throughout the logistics industry will see a broad spectrum of benefits stemming from blockchain deployment.
“The blockchain has proven to be an excellent way of connecting the different parties involved in any supply chain environment due to the transparency and security-by-design of the technology.
“In recent months, the shipping industry has fallen victim to industrial-scale cyberattacks which have left large shipping lines, such as Maersk, paralysed and unable to serve clients.
“A blockchain-enabled supply chain is highly resilient to cyberattack - a copy of the essential shipping data is stored on each node on a decentralised network, meaning that even if one node is compromised, the data is safe nevertheless.
“The business case for connecting supply chains using blockchain is very strong. As the interface is easily adaptable to existing systems there is a very low barrier to entry.
“Any type of supply chain business, be it marine-, air-, or land-based, can take advantage of such a system - the cost savings that we envisage are as high as 90%, as a result of substantially streamlined processes.”
Karim Jabbar, from the Department of Computer Science at the University of Copenhagen, added: “This pilot demonstrates the great potential for distributed ledger technologies to be used in improving supply chain processes.
"The Container Streams system is unique in the fact that it does not require the complete replacement of existing systems - instead, MTI's solution allows complete interoperability with existing legacy infrastructure. The logistics industry as a whole can expect better visibility, connectivity and cost savings as a result of distributed ledger adoption."
New speakers announced for Procurement & Supply Chain Live
Two leading executives in supply chain transformation have been confirmed for this year's Procurement & Supply Chain Live event.
Procurement & Supply Chain Live is the perfect opportunity to hear from prominent executives at the world’s leading procurement and supply chain businesses. The event will be streamed live from Tobacco Dock, London via the leading networking platform Brella.
The three-day show, running 28-30 September 2021, is an essential deep dive into the industry, with influential speakers sharing insights and strategies from their organisations, group roundtable discussions, and fireside chats.
We take a look at the latest additions to the already amazing lineup of speakers announced so far, and what they will bring to the flagship event.
VP Global Supply Chain at Macmillan Education Ltd
Shaun Plunkett has over 30 years of supply chain leadership experience in FMCG, entertainment and media sectors, supporting multi-billion euro businesses including Universal Music, EMI, Sony Music, Harper Collins and Associated British Foods. He has a track record of successfully delivering transformational change coupled with award winning operating models and developing and coaching global teams. Plunkett says that challenging the status quo is at the heart of what drives him on a daily basis - and encouraging others to continuously push the boundaries.
Read more about Plunkett’s involvement in Macmillan Education’s supply chain transformation HERE
Digital Transformation Lead, Oracle UK and Board Member, CILT at Macmillan Education Ltd
Vikram Singla is digital transformation director at Oracle, UK. He helps supply chain and finance business leaders leverage technology to deliver meaningful business outcomes for their organisations. He also serves on the board if CILT (Chartered Institute of Logistics and Transport) – UK and is an Honorary Visiting Fellow at Anglian Ruskin University. Singla has more than 25 years’ experience in the technology sector, and in global supply chain transformation, including deploying business transformation programmes for Fortune 500 firms. In his spare time, Singla is a passionate brand ambassador for Cancer Research.
Plunkett and Singla join a growing line-up of speakers, including: Sheri R. Hinish, IBM; Robert Copeland, G4S; Daniel Weise, BCG; Mark Bromley, Mastercard; David Loseby, Rolls Royce; and Ninian Wilson, Vodafone Procurement Company.