A blockchain is an always-growing collection of linked data that is secured cryptographically, with each block resistant to data modification, including outside cyberattacks.
Seattle-based logistics company Marine Transport International (MTI), in conjunction with London-based technology company Agility Sciences, has completed a pilot in which supplier, shipper, load point, customs and terminal data are combined on a shared blockchain ledger, something that MTI says could globally change how logistics is carried out.
A blockchain is an always-growing collection of linked data that’s secured cryptographically. Each block, which is resistant to data modification – including outside cyberattacks – contains a link to a previous block, as well as a timestamp and other data. According to researchers, a blockchain could essentially serve as an open, distributed ledger that efficiently and permanently records transactions between two parties in a verifiable way.
The MTI and Agility Sciences pilot system draws data from a wide range of data sources, including legacy systems, and makes it available to all parties involved.
“The results of this successful pilot demonstrate the strengths of blockchain technology when deployed to link the various actors in the supply chain,” MTI CEO Jody Cleworth said. “We are confident that firms throughout the logistics industry will see a broad spectrum of benefits stemming from blockchain deployment.”
“The blockchain has proven to be an excellent way of connecting the different parties involved in any supply chain environment due to the transparency and security-by-design of the technology,” Cleworth added.
Since a copy of all essential shipping data is stored on each node of the decentralized network, the data remains safe is any of the nodes are compromised, according to the results of the study.
MTI and Agility Sciences have also recently released a whitepaper on the pilot, which can be requested at MTI’s website.
Cargo shipping tech specialist MTI completes blockchain pilot
