Press Release – Israeli Blockchain Start-Up LogChain Completes Its First International Blockchain Shipment – March 11, 2018
Israeli-based LogChain has announced the completion of its pilot program, having completed a full cycle of an international Blockchain-backed maritime shipment. The successful shipment was carried out over the unique end-to-end digitized and tamper-proof LogChain platform, handling all aspects of the supply-chain by implementing electronic bill of lading (e-BL) and Letter of Credit (LC) digitization.
The shipment, transferring beverages from Belgium to Israel, was fully conducted using the unique LogChain e-BL, which encompasses the ownership lifecycle and business workflow, as well as digitally signed attached needed documentation.
As the maritime shipping industry continues to expand, growing 3-4% annually, it now stands at over 80% of the global trade volume, which is currently valued at over $2 trillion. With the advancement of digital payment and documentation technologies, the relatively traditional trade market is slowly opening up to new solutions, creating a significant opportunity for LogChain to introduce and implement its innovative digital vision.
In average, the LogChain platform reduces 7 to 9% of shipment costs for shipments partners. In terms of workload, the unique platform can reduce approximately 2 weeks of documentation down to few minutes, removing altogether the need for original documentation using carriers.
Founded in 2018, LogChain is a global supply chain and trade finance Blockchain platform, and is backed by technology and IT leader Aman Group.
The press release can be accessed here.