Russian Shipping Logistics Company Will Use Blockchain-Based System

The Russian shipping logistic company Infotech Baltika is what we are reading in today’s blockchain news because of their blockchain-based system development that they will use for their operating ports according to the Russian maritime media outlet Morvesti reports.

The company has partnered with a blockchain-based startup that is really popular in Moscow-Edge.port. With the help of the blockchain technology, the participants in the port to store all of the needed documentation on the blockchain. Everything from vessel parking and tug boat rentals can be tracked via the system without the boring paperwork.

Infotech Baltika says that the blockchain startup Edge.Port will help the company reduce the time spent on documentation from four hours to 25 minutes. Moreover, the blockchain can save a lot of time while the ship is being unloaded and the port capacity could increase up to 5 percent. The time spent of documenting and filing can also be doubled down.

The shipping logistics company claims to operate in 14 ports around Russia and in a few European countries including Cyprus and Italy. There are over 3,000 ships each year in operation and last year the company was named the best cargo shipping company in St. Petersburg and is valued at over 100 billion rubles.

The blockchain technology is being used in a variety of areas around the world. For example, the largest cargo shipping company in Israel also opened its first blockchain platform after the successful pilot. Also, IBM and Maersk launched a blockchain-enabled shipping solution with more than 150 million shipping events done after the launch.

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