The Israeli ocean carrier has successfully completed the first blockchain pilot for paperless bills of lading using tech firm Wave’s application and network, ZIM said in a statement.
Israeli ocean carrier ZIM has successfully completed a blockchain document exchange pilot for paperless bills of lading, the company said in a statement.
The pilot was completed in cooperation with Sparx Logistics and Wave Ltd in which during the trial all participants issued, transferred and received original electronic documents using the Wave Application, ZIM said.
“We thank ZIM for leading the industry adoption of the Wave application and network. Moving to a digital bill of lading would be hugely beneficial in supporting the supply chain in general, through reduced costs, error free documentation and fast transfer of original documents,” said Wave CEO Gadi Ruschin. “We look forward to continuing the process and invite more of ZIM’s customers and partners to join the pilots and use Wave for their business needs.”
The system uses distributed ledger technology to ensure that all parties can issue, transfer, endorse and manage shipping and trade related documents through a secure network. The application is free for shippers, importers and traders and requires no IT or operational changes, said ZIM.
“Promoting innovation and technology in our industry is an integral part of ZIM’s vision. While we are still in the process of evaluating the technology, we are confident that this type of forward-looking ideas will advance our industry as a whole towards a more efficient and modern phase,” said ZIM CIO Eyal Ben-Amram.