‘Big 3’ Japanese carriers join country’s first blockchain consortium

Ocean carriers MOL, “K” Line and NYK Line have partnered with 11 other industry firms in an effort to a develop trade data sharing platform using blockchain technology, with three major milestones to reach between August 2017 and March 2018.    Mitsui O.S.K. Lines (MOL) will participate in a Japanese consortium aimed at developing a trade data sharing platform using blockchain technology as part of its “Rolling Plan 2017” management plan, the company said in a statement.
   The consortium is comprised of 14 trade-related companies, including fellow ocean carriers Kawasaki Kisen Kaisha (“K” Line) and NYK Line. The platform utilizes blockchain technology “to make information flow more smoothly through corporations and across business categories and making trade-related office procedures swifter and more efficient,” according to MOL.
   From August 2017 to March 2018, the platform will address obstacles to the practical use of blockchain technology, operational efficiency during the use of blockchain technology and future systematization.
   The consortium is Japan’s first initiative on using blockchain technology on trade-related operations. Surrounding Asian nations, including China and Singapore, have also seen major port operators and ocean carriers partner up to carry out blockchain technology implementation.