Japanese shipping firm Mitsui OSK Lines (MOL), IBM and other partners take a blockchain proof-of-concept to streamline international trade flows. Now trade transactions can use a blockchain-based application. The project includes logistics and insurance documents, trade agreements, digitized, stored and shared among participants. It will bring more benefits than traditional systems of trading.
The test is intended to verify the effectiveness of blockchain for enhancing security and reducing the time required to settle cross-border trade transactions, discrepancies among related documents and administrative cost.
From Mitsui OSK Lines statement
The project will use the Hyperledger Fabric blockchain framework, which is developed by the Linux Foundation-led Hyperledger blockchain consortium. IBM Japan, the Japan Research Institute, Sumitomo Mitsui Financial Group (SMFG), Sumitomo Mitsui Banking Corporation and other arms of the Mitsui Group take to participant in this MOL project. Earlier SMFG successfully tested a prototype using distributed ledger technology (DLT) to streamline international transaction agreements.