Accenture tested a blockchain for ocean shipping

A European consortium led by Accenture proved the blockchain technology can revolutionize the transport industry
15 March 2018   1811

A consortium that includes AB InBev, Accenture, APL, Kuehne+Nagel and European customs organization today reported it had managed to test out the blockchain technology in shipping industry. The solution assumed all the respective documents to be shared and distributed using blockchain platform instead of traditional exchanging them physically and digitally. The test was comprised of 12 real shipment missions with different locations and thus various regulatory procedures.

In the test scenario, AB InBev acted as a typical exporter, APL - as a shipping organization, Kuehne+Nagel - as freight forwarding navigator and European customs organization - as a regulator. Accenture in turn provided the necessary consulting and product development services on the matters of a blockchain solution.

The test confirmed the blockchain solution capable of reducing operating costs and making supply chain more transparent. The solution indicated significant improvements of the entire flow of shipping documents, almost 80% decrease of data entry requirements, data amendments made easy and streamline the cargo checks.

Our trials have proven the viability of a shipping process in which many documents can be replaced by secure and distributed data sharing with clear and defined ownership. This gives companies a significant opportunity to save time and money while improving their service to customers.

 

Adriana Diener-Veinott

Freight & Logistics Lead, Accenture

 

Blockchain technology will be transformational to our business and the world. It reduces mistakes, digitizes information and improves the supply chain process so we can focus on our core business of brewing the best beers for consumers.

 

Danillo Figueiredo

Vice President, AB InBev

Bakkt to be Launched in December

It is also reported that Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure
19 October 2018   53

The expected launch of the Bakkt will take place on December 12 of this year. It is reported by The Block, citing informed sources.

Also, the material states that the investment bank Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure. At the same time, the bank is considering the possibility of trading futures on a new platform.

In a recent Fortune interview with Bakkt, Kelly Lofler said that the cryptocurrency market is on the verge of a revolution comparable in size to the one that occurred on the energy market in the early 2000s.

Greater institutional participation in the digital asset markets requires secure and regulated custody solutions. We are impressed by BitGo’s product, unique services, and the management team. We view our investment in BitGo as an exciting opportunity to contribute to the evolution of this critical market infrastructure.
 

Rana Yared

Managing director, Goldman Sachs’ Principal Strategic Investments group

Bakkt is a cryptocurrency unit of the Intercontinental Exchange (ICE), which is the operator of the New York Stock Exchange. Giants such as Microsoft and Starbucks are taking part in creating of the new project, which is positioned as an “ecosystem for digital assets”.

The new platform will offer deliverable bitcoin futures to the market (unlike the settlement contracts for CBOE and CME, these are based on the underlying asset). The platform will support multiple fiat currencies.