Marine Transport International (MTI), a freight forwarder based in the United Kingdom and the United States, has announced the deployment of the world’s first public blockchain solution in the global shipping industry.

According to the official release, MTI is using the TrustMe public blockchain technology and the services from predictive analytics expert Black Swan Data Limited. It said that the public blockchain will increase data efficiency, along with providing long-term savings for EDI transmission (Electronic Data Interchange) dependent companies.

The technology will be used within MTI’s SolasVGM product offering to facilitate the secure and open dissemination of shipping container information. Since July 2016, Contracting Governments to the International Maritime Organization’s SOLAS treaty (International Convention for the Safety of Life at Sea) have been required to implement new requirements related to the Verified Gross Mass (VGM) of packed containers. Under the new regulation, it is the responsibility of the shipper to ensure that an accurate VGM is provided to the terminal/carrier for every container loaded prior to it being allowed to be shipped on-board on a vessel.

“In the face the regulatory change, MTI did not see an obstacle, but an opportunity to think outside of the box, future-proof itself and ultimately stand out from its competitors. The convergence of SolasVGM and the TrustMe blockchain technology further reinforces this. We are excited with MTI’s approach to this and are eager to see what comes next”, Richard Mann, COO of Black Swan, said.

SolasVGM creates a collaborative ecosystem between all landside parties, load point, shipper, driver, booking party, terminal and shipping line. This ecosystem allows all parties in the landside supply chain to be compliant with SOLAS,VGM requirements.

Using the TrustMe solution, VGM data is stored on the global blockchain, which provides a permanent record visible to port officials, shippers and cargo owners, effectively replacing cumbersome logs, spreadsheets, data intermediaries and private databases. Blockchain data is verified, immutable, and globally accessible, making it a perfect technology for solutions like the SolasVGM product.

”Blockchain has the ability to empower our industry into a true digital age. Instead of a VGM message being delivered sequentially to parties within the supply chain, our platform can provide a decentralized approach to delivering VGM messages. The sheer volume of containers processed per year means that safely decentralizing the management of these containers will radically reduce the complexities of shipping”, Jody Cleworth, CEO of MTI said. “A grass roots approach in collecting and storing information on the blockchain is how shippers will be able to reap the full benefits of the technology. We are now a public blockchain company and our focus is on delivering tangible benefits to global trade and all the actors within the supply chain.”