Blockchain has thus finally made its debut within the cargo community.
The Singaporean initiative dates back to the last IATA World Cargo Symposium; since then, several partners have been involved in the creation of the facility, including SATS, Alliance21 and Bolloré. Using Microsoft Azure Blockchain technology, the system is intended to minimise errors and improve the efficiency of billing and reconciliation throughout the supply chain.
Information including as shipment details from the flight manifest, freight status update and the air waybill will be all accessible in real time from a single source. Moreover, airlines and freight forwarders will also be able to update their shipments and compute charges in real-time through the built-in reconciliation facility.
Blockchain also provides timely financial information for stakeholders, enabling greater agility in revenue recognition, decision-making, risk management and customer service, declares Microsoft.