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Japanese shipping company, IBM are testing Blockchain in cross-border trade

Japanese shipping company Mitsui OSK Lines (MOL) and partners, including IBM, should adopt a blockchain proof-of-concept looking to optimize international trade flows.

14.Dec.17 2:54 PM
By Daria Zaytseva


Japanese shipping company, IBM are testing Blockchain in cross-border trade

According to the company, the "demo test" will see real-time trading transactions performed using a blockchain-based application. The project will see trade agreements, material and insurance documents, as well as digitized, stored and distributed among participants, which will bring a number of advantages over traditional trading systems.

In an effort to improve competitiveness and develop new products using the technology, IBM Japan, the Japanese Research Institute, the Sumitomo Mitsui Financial Group (SMFG), the Sumitomo Mitsui Banking Corporation and other parts of the Mitsui Group are participating in the MOL project.

In the proof-of-concept will be used the structure of the Hyperledger Fabric blockchain framework, developed by the Linux Foundation-led Hyperledger blockchain consortium.

SMFG was recently found among a group of Japanese financial institutions that successfully tested a prototype using distributed ledger technology (DLT) to optimize international transaction agreements. That work used DLT startup consortium R3's Corda software to optimize the negotiation of the ISAD Master Agreement.

In September, it was announced the creation of a joint venture between the shipping giant Maersk, Microsoft and the audit firm EY, whose goal is applying blockchain technology in the field of marine insurance. Built using Microsoft Azure, the effort will be focused on creating a common database that records information about shipments, as well as potential risks, to help companies comply with insurance rules.

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