India is officially trying to use blockchain technology to boost its maritime sector, as it begins to recover from the heavy setback caused by the coronavirus pandemic.
Per a World Cargo News report, the CargoX Platform has incorporated its Blockchain Document Transfer (BDT) into the workings of the country’s maritime sector, through the Indian Port Community System (PCS). The PCS is an arm of the Indian Ports Association, which is geared at creating digital alternatives for the country’s maritime workings.
The PCS has already been successfully tested by Portall Infosystems, which created it. The test was carried out with the CargoX platform and was used to transfer electronic bills of lading.
According to the report, part of the proof-of-concept tests was making sure that the new blockchain system was in compliance with the country’s Ministry of Shipping, and its plan for digitization. Speaking on the development, CargoX CEO and founder Stefan Kukman, the new platform will help shipping companies perform better and reduce cost:
“In these times of multiple risks to our common society, we are proud to help shipping companies, who represent the backbone of the economy, resolve supply chain document sending issues and enable them to meet delivery deadlines everywhere in the world, in a secure and efficient manner, while also lowering the document transfer cost.”
Last month, the Indian government partnered with artificial intelligence and blockchain start-up, Agric10x, to help local farmers optimize their processes.
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