Project: NEW WAVE
If the importwise platform was not revolutionary enough we are hard at work continuing to digitise and simplify global trade using Blockchain to create trust and transparency in the supply-chain. Global trade functions much as it has since the introduction of the shipping container in 1956. Manual paper-based processes are still common and information about the status of goods are locked away in large corporate organisational silos. Today 90% of goods in global trade are carried by the shipping industry but the supply chain is slowed by the complexity and sheer volume of point to point communication across a loosely coupled web of land transportation providers, freight forwarders, customs brokers, banks, governments, ports and ocean carriers. Importwise are addressing this problem with a distributed permission based platform accessible by the supply chain ecosystem designed to exchange event data and handle document workflows. We are employing Blockchain technology to create a global tamper proof system for digitising trade workflow and tracking shipments end to end, eliminating friction including costly point to point communications. In a recent import from China we investigated the volume of paperwork during its importation process, this amounted to over 215 communications. We believe that a decentralised network will improve trust and efficiency for all parties involved in the process.
The project timeline is rather organic due to both the complex nature and the required legacy partner co-operation. We intend to integrate these technologies into our platform as and when we feel they are ready.