Pan-Asia BanNa Group Launches Pilot Program to Track Air and Sea Shipping Logistics with Blockchain
Panalpina, a member of the Panalpina Group, was founded in 1935 and is headquartered in Basel, Switzerland. With 312 branches in 65 countries, it is one of the largest freight and logistics groups in the world.
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The Panalpina Group, established in 1935 and headquartered in Basel, Switzerland, operates 312 branches in 65 countries, making it one of the world's largest freight and logistics groups.
Panalpina Group joined the Blockchain in Transport Alliance (BiTA) in 2018 and announced on June 11th this year that they would launch two blockchain pilot projects to optimize the supply chain, focusing on air and sea freight.
According to Cointelegraph, the goal is to digitize trade documents stored in the cloud using blockchain technology to improve processes and reduce costs in the long term. This includes tracking the flow of imported goods from Asia to Europe in parallel with physical goods without disrupting current processes.
Cedric Rutishauser, Risk Manager at Panalpina Group, stated:
In these early projects, digitization accounts for 85%, while blockchain makes up 15%. We see significant cost savings through streamlined processes and lower document courier costs. However, the real advantage of blockchain lies in the Single Source Of Truth (SSOT). Improved data sharing between trading partners enhances transparency, providing clear ownership and responsibility for every record step in the supply chain.
While Panalpina Group is exploring various applications of blockchain technology, they remain cautious about the emerging technology, citing research that shows some senior supply chain managers are skeptical of its benefits.
Recently, one of the world's largest retailers, Carrefour, also benefitted from Distributed Ledger Technology (DLT), driving sales growth through blockchain tracking, allowing customers to track 20 products including meat, milk, and fruits from farm to store. The company plans to add over 100 more products to the system, focusing on baby products and organic food, aiming to provide consumers with peace of mind.
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