Blockchain Technology To Be Adopted By Port of Brisbanebr>
The Port of Brisbane, one of the largest ports in Australia, will be piloting a new system that will leverage blockchain technology to link supply chain information.
The Port of Brisbane collaborated with PwC Australia and the Australian Chamber of Commerce and Industry to develop a Trade Community System. The system will use blockchain technology to link supply chain information and reduce complexity in international business processes.
“The Trade Community System proof of concept is the first stage in building an innovative end-to-end supply chain that will digitize the flow of trading information, improve connectivity for supply chain participants, reduce friction for business and reduce supply chain costs, providing unprecedented productivity gains for Australia’s international businesses,” PwC Partner Ben Lannan said.
In Australia, about 9 million container movements take place at five major ports each year. This figure is projected to rise to 15 million by 2025. Experts estimate about 15 percent of all information in individual import transactions is duplicated 30 times over, reducing efficiency significantly.
“To drive new efficiency gains, industry leaders need to develop mechanisms which facilitate the integration and interoperability of commercial operators across the supply chain and logistics sector,” said Port of Brisbane CEO Roy Cummins.
The goal of the new system is to help improve productivity for businesses in Australia and overseas. It will address a number of points and recommendations from the recently released Inquiry into National Freight and Supply Chain Priorities Report.
“The port, whether sea or air, is the first and last point of domestic contact in the international supply chain, and is the primary point at which all significant supply chain participants converge,” Lannan said. “To grow Australia’s trade competitiveness, we need to look beyond our ports.