ZIM Integrated Shipping Services (ZIM) announced that it has completed the first pilot of paperless Bills-of-Lading based on blockchain technology, in cooperation with Sparx Logistics and Wave Ltd, that allows secure exchange of original documents.
During the trial all participants issued, transferred and received original electronic documents using the Wave Application, ZIM announced and continued by saying that the Containers, shipped by Sparx Logistics from China to Canada, were delivered to the consignees without a hitch.
“An electronic substitute to the traditional Negotiable Ocean Bill-of-lading has been the industry’s Holy Grail for many years. ZIM is convinced that the blockchain technology and the Wave application can be the solution that will drive the trade to the digital era,” the company said.
The new blockchain-based system uses distributed ledger technology to ensure that all parties can issue, transfer, endorse and manage shipping and trade related documents through a secure decentralized network. The application is free for Shippers, Importers and Traders and requires no IT or operational changes, ZIM mentioned.
ZIM CEO Eli Glickman, stated: “I’m proud that ZIM leads the way in introducing blockchain technology to the shipping world, and congratulate our partners in this exciting initiative, Sparx Logistics and Wave Ltd.”