Prominent logistics company Baltika based in Russia is working on a blockchain-based solution for improving and immuting its port operations, according to Russian media outlet Morvesti. For this purpose, the company has inked a new deal with a Moscow-based blockchain company Iconic.
The new DLT-based solution will reportedly allow Baltika to store all necessary shipping related information on the blockchain and thus benefit from its transparency and immutability. According to the news report, all allied information like tug boat rentals, and vessel parking will also be available in the digital system and the service providing boats can be ordered and tracked online without any need of inefficient paperwork.
According to Baltika, the decentralization will allow the company to reduce the timing of port operations from several hours to just 25 minutes. It will also help save one hour of boat operations during the unloading process which can be quite cumbersome.
Baltika is planning to use the system in 14 major ports all over Russia and other parts of Europe where it is operating like Italy and Cyprus. Baltika uses over 3,000 ships every year and every improvement in the timing process will save the company money and make them more competitive.
The shipping industry is working on a number of blockchain-based solutions for solving inefficiencies and increasing their productivity. IBM’s Hyperledger blockchain is being used by dozens of ports around the world in partnership with Maersk, the world’s largest shipping company. Smaller companies like Baltika are now trying their hands on their DLT-based solutions to remain competitive in the sector.
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