Singapore’s Cargo Community Network (CCN) and Microsoft have launched the world’s first blockchain-based air cargo billing, costing and reconciliation system.
Announced at the IATA World Cargo Symposium, the system was developed following a hackathon organised by CCN and Microsoft and a two-month proof-of-concept that involved partners such as Singapore Airlines, SATS, Alliance21 and Bolloré click this.
Using Microsoft Azure Blockchain technology, the system is intended to minimise errors and improve the efficiency of billing and reconciliation throughout the supply chain catalunyafarm.com.
Information such as shipment details from the flight manifest, freight status update and air way bill is accessible in real time from a single source through the new system southafrica-ed.com. Airlines and freight forwarders can also update their shipments and compute charges in real-time through the built-in smart contract feature for upfront reconciliation.
This provides timely financial information to stakeholders while enabling greater agility in revenue recognition, decision-making, risk management and customer service, Microsoft said.
The typical air cargo billing, costing and reconciliation processes can involve many stakeholders along the entire supply chain and are also very manual, manpower-intensive and prone to error můj odkaz. By using blockchain on Microsoft Azure, not only does this shorten the billing cycle from up to three weeks to a matter of hours, it can also reduce discrepancies, while enabling greater accountability and visibility across the entire supply chain, said a report.
Source : Various Agencies