CargoSmart, the leading shipment management solution provider, announced its completion of the proof-of-concept with eTradeConnect, the blockchain consortium located in Hong Kong, on November 5. This partnership aims at improving the global trade through enhancing collaboration among the shippers, terminal operators, banks, and ocean carriers.
The proof-of-concept was facilitated by PwC, which the duo has successfully completed with various banks like The Bank of China, HSBC, The Bank of East Asia Limited, Standard Chartered Bank Limited and, with ocean carriers like COSCO Shipping Lines and OOCL to name a few. CargoSmart limited empowers numerous companies to transform their global supply chains digitally, that the world wants it to see. It was founded in the year 2000 with the headquarter in Hong Kong. Since then, it has been leveraging technologies like AI (artificial intelligence), IoT (Internet of Things), and blockchain to help over 160,000 professionals across the world in reducing the transportation cost, increasing the delivery reliability and streamlining various operations.
On the other hand, eTradeConnect is the first-ever blockchain-based trade platform in Hong Kong, which was founded in September 2018. It previously had seven-member banks, which then increased to 12 and now it boasts of having associated with big names like HSBC, DBS Bank, and Standard Chartered Bank.
With this Proof-of-concept collaboration, the link between the supply chain data and the trade finance transactions can be easily validated. This, in turn, provides enough insights into the transparency, efficiency, and traceability of the member banks and their fellow customers.
On the successful completion of this proof-of-concept between CargoSmart and eTradeConnect, Mr. Lionel Louie, the Chief Commercial Officer of CargoSmart, was found commenting,
The exchange of trusted and immutable data enabled by blockchain gives rise to a seamless and secured linkage across the global trade and financial sectors. The convergence of both worlds will unleash enormous opportunities for global trade and give impetus to international economic growth. The proof-of-concept with eTradeConnect has demonstrated the power of trusted networks. CargoSmart will continue to bridge the shipping industry with other sectors for supply chain excellence to create value for all stakeholders.