After Danish logistics firm Maersk terminated its blockchain-based supply chain platform last year, industry builders have not given up on blockchain applications in global trade.
The company has an existing product traceability and supply chain transparency platform and considers its new innovation a one-stop-shop solution for material compliance. Sports brand Adidas is one of its first adopters and provided early input into its development in line with the company’s ambitious sustainability goals for the coming years.
International banking group Standard Chartered (SC) and a supply chain fintech services company in China will jointly create a blockchain-based trade finance platform.
The aim was to see if the trade documents issued by two separate systems can be verified by each other. ANZ Bank, Standard Chartered, DBS Bank and Rio Tinto also participated.
The nine-month sustainability project aims to develop and pilot a supply chain traceability solution for the UK fashion industry and is financially supported by Innovate UK to the tune of £1.4 million ($2m).
Today, the Hong Kong-incorporated consortium, Global Shipping Business Network (GSBN) has announced the official rollout of its first application Cargo Release.
Technology – particularly emerging Internet of Things (IoT) technology – can get vaccines into the right hands in a quicker, safer and more effective way.
