Two companies are building blockchain-based solutions for European shipping

3 min read

Vakt, a blockchain-based post-trading platform for raw materials, has signed a memorandum of understanding with essDOCS, a company that develops paperless trading solutions, to place European shipping on the blockchain.

As markets and technology-oriented Benzinga outlet reported on September 20, Vakt and essDOCS will work on a blockchain-based solution that will make digitization of the post-trade process in European inland shipping possible.

Digitization of data on inland vessels

Although the parties intend to launch the product initially in Northwestern Europe, they hope to expand further into global markets. A joint statement stated:

"Trading parties would agree on information to be sent to the terminal, which would add their own information before sending it to inland vessels to agree and sign for the product and the quantities loaded or unloaded from the ship. This lengthy process results in various paper documents including the ship's receipt, which enabled the ship to sail with physical signing and the seller invoiced the buyer. "

At the end of February, Cointelegraph reported that Vakt had registered four new customers, which meant that Vakt would be used in about two-thirds of all oil trade in the North Sea region. At the time, Vakt's CEO, Etienne Amic, said that a significant level of acceptance in the energy sector could motivate others to explore blockchain solutions.

Global supply chain and blockchain

Earlier this year, the Russian authorities signed an agreement with the Danish logistics giant Maersk to officially launch the TradeLens blockchain shipping platform to adopt blockchain-driven digital documentation to replace current, largely paper-based transportation activities.

The Swiss shipping and logistics services company Panalpina also started blockchain pilot projects aimed at optimizing supply chains. One of the projects will investigate blockchain applications in high-tech industrial goods and the other will handle office supplies.

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Don Bradman

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