Cybersecurity, Blockchain and Shipping Goods
Shipping goods and services can be a rather taxing process in its own right. If the product is smaller, and the contents are not on the warning list (e.g. dry ice, and lithium batteries), shipping is not a horrible task. With larger objects, this may be more of an interesting chore and task to including the crating, insurance needs, and other forms to complete. Adding a layer of complexity for this would involve international shipping or importing and exporting these. There are international laws, the laws for the recipient’s state, and the infamous paperwork. The import/export process tends to be data-driven.
To attempt to alleviate a portion of the work and pressure associated with the issue, companies in Japan are investing resources into a new blockchain app. The intent is for this new trade data management system is to make the process more efficient, which translates into savings for the business. This is drawing enough serious, significant attention for seven companies to invest in. The companies are of significant size and stature, to include MUFG Bank, Toyota Tsusho, Kanematsu, Sompo Japan Insurance, Toklo Marine, and Nichido Fire Insurance. With blockchain, the data is secure and immutable, which the businesses are seeking to remove the opportunity for any external tampering and unauthorized access.
This use case is perfectly suited for the blockchain. The platform is designed to manage the shipping, and insurance documents used by the companies to ship internationally. This application makes data handling efficient and secure. The company wisely did conduct a proof of concept (PoC) test for the service. This indicated up to a 50% improvement in processing times.