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MOL trials blockchain for cross-border trade optimisation Featured

MOL trials blockchain for cross-border trade optimisation Hummelhummel, CC4.0

Mitsui O.S.K. Lines (MOL), along with IBM Japan and a host of Japanese stakeholder organisations, has begun a demonstration test to examine the practical applicability of blockchain technology in streamlining cross-border trade operations.

{mprestriction ids="1,2"}In the demonstration test, the participating companies input information on real trade transactions using a blockchain-based application, to allow trade agreements and logistics/insurance documents to be digitised, recorded and shared among participants.

The results of this blockchain-backed process will be compared with current operations, to verify whether the blockchain technology is effective in enhancing security and reducing the time required to settle cross-border trade transactions, discrepancies among related documents and administrative costs.

Other partners in the trial include Sumitomo Mitsui Financial Group (SMFG), Sumitomo Mitsui Banking Corporation (SMBC), The Japan Research Institute (JRI), and Mitsui Sumitomo Insurance Company (MSI).

The demonstration test will use Hyperledger Fabric, a blockchain framework backed by test partner IBM as a participant in the collaborative open source Hyperledger project, hosted by The Linux Foundation.{/mprestriction}

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