On February 1, IBM announced the completion of blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details technology tests to track citrus shipments from China to Singapore, as reported by CoinDesk.
A statement on the successful completion of testing the blockchain platform to monitor the import and export of citrus fruits was published on the company's official website. This morning, the first batch of oranges and tangerines arrived in Singapore, and all shipping documentation was saved and recorded in the IBM blockchain.
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IBM Fruit Supply Control
On the morning of February 1, 28 tons of mandarins (3,000 boxes) containing approximately 108,000 fruits were delivered on the eve of Chinese New Year celebrations (February 5) to Singapore. The main shipping document, the bill of lading, was recorded on the blockchain.
The blockchain-bill of lading serves as proof of ownership of the goods, the right to receive it and the main agreement on dispatch. As a rule, the bill of lading is sent to all parties involved in the shipment, including banks representing the financial tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details parties.
As it became known, IBM created an electronic bill of lading, or e-BL, which helped reduce and speed up administrative processes "to one second". In the blockchain version of the bill of lading, the document flow is automated and completely transparent to all parties to the transactionTransaction
– is a financial term that means a logically meaningful operation that can only be carried out completely. Details, while the standard paper procedure takes five to seven days.
"Using e-BL, we saw how the entire shipping process can be simplified and made more transparent with significant savings (...) The speed of information in this case is no more than one second" – Chairman and CEO of Hupco fruit importer Tay Khiam Back.
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IBM has announced successful testing of the blockchain to track citrus supplies. Along with saving time for processing documents, the test showed that the electronic system based on the blockchain can reduce operating costs: electricity, money, paper, etc.
Editor: Alyona Nabok