Shipment management software provider CargoSmart will develop a blockchain solution for shipment documentation to improve and simplify supply chain processes.

According to CargoSmart, the solution establishes a digital baseline for trusted shipment documentation management across the shipping and logistics industry. Shippers, forwarders, carriers, truckers and customs agencies will be able to collaborate more efficiently through the platform for a single version of truth and an immutable audit trail with low latency.

On average, a single shipment can involve the exchange of more than 30 documents, often with multiple revisions due to human errors, before it leaves the port. CargoSmart’s blockchain solution aims to simplify that documentation process, increase trust and boost efficiency. Through a blockchain documentation platform, the entire shipping ecosystem can reduce disputes, avoid late penalties from customs agencies, expedite documentation turnaround times and better manage detention and demurrage costs.

“Blockchain technology provides immutable records and a trusted network to offer secure and traceable documentation,” said Steve Siu, chief executive officer of CargoSmart. “Providing a solution for supply chain parties to auto-fill repeated and verified information can dramatically increase data accuracy and efficiency for the whole logistics process.”

With the blockchain solution, CargoSmart projects a 65% reduction in the amount of time required to collect, consolidate and confirm data from multiple parties and to handle shipping data that is repetitive in different documents.

CargoSmart has been working closely with Oracle, which recently launched its Oracle Blockchain Cloud Service. Oracle’s blockchain platform enables organizations to easily build blockchain networks to drive more secure and efficient transactions and to track goods through supply chains on a global scale.

“Maritime shipping is essential to global trade, but it often suffers from inefficiencies in the complex documentation processes across many involved parties,” said Amit Zavery, executive vice president of Oracle Cloud Platform. “CargoSmart’s new solution, powered by Oracle’s blockchain cloud platform, can help engender trust and confidence in the ecosystem. It gives users across the entire shipping ecosystem a trusted, secure, scalable and resilient means to share information, helping to speed up turnaround time, reduce disputes and lower costs.”