Israel-based container shipping company ZIM, in collaboration with Sparx Logistics and Wave, has completed a first pilot of paperless Bills-of-Lading based on blockchain technology.
The new solution allows secure exchange of original documents on the blockchain. Developed by Wave, it uses distributed ledger technology (DLT) to ensure that all parties can issue, transfer, endorse and manage shipping and trade related documents through a secure decentralized network.
“We thank ZIM for leading the industry adoption of the Wave application and network. Moving to a digital Bill of Lading would be hugely beneficial in supporting the supply chain in general, through reduced costs, error free documentation and fast transfer of original documents. We look forward to continuing the process and invite more of ZIM’s customers and partners to join the pilots and use Wave for their business needs,” Wave CEO Gadi Ruschin said.
During the trial, the participants issued, transferred and received original electronic documents using the Wave Application. The containers, shipped by Sparx Logistics from China to Canada, were smoothly delivered to the consignees.
“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.” ZIM CEO Eli Glickman.
According to the official announcement, the application is free for shippers, importers and traders and requires no IT or operational changes.
