ECGiT is all set to digitize the global supply chain. We connect the ecosystem by bringing together all parties in the supply chain-including traders, freight forwarders, inland transportation, ports and terminals, ocean carriers, customs and other government authorities, onto a Blockchain based platform with a secure permission and identity framework. This helps driving the true information sharing and provide seamless, secure sharing of real-time, actionable supply chain information across all parties to a trade – encompassing milestone dates, cargo details, official documents, structured data embedded in trade documents, customs filings, sensor readings, and many more. Our system has the capability to foster collaboration and spur innovation.
The maritime industry is still untouched with the effect of digitization and Blockchain. There is a lot of scope of improvement in this field. The shipping and maritime is one of the biggest industry and with Blockchain implementation, we can expect this industry to grow and become more efficient with the implementation of Blockchain technology.
ECGiT has the potential to create a global network of interconnected shipping corridors which links seaport and terminals, authorities, ocean carriers, inland transportation, 3Pls, shippers and other actors and bring them on one platform.
We have excelled in the art of writing smart contracts, which is essentially capturing and running “business logics” on a blockchain. From being capable of handling simple contract (for example – update an account balance), to a more complex example which stipulates that the cost of shipping as an item depending upon many dynamic factors, we can run them through blockchain led smart contracts to ensure all round transparency and decentralization. With the terms agreed upon by both parties and written to the ledger, the appropriate funds change hands automatically when the items are received.
Our capability includes writing different types of smart contracts like –
- Installed smart contracts – install business logic on the validators in the network before the network is launched.
- On-chain smart contracts – deploy business logic as a transaction committed to the blockchain and then called by subsequent transactions.
Our qualified technical team helps our customer to choose the right type Hyperledger Frameworks Support for Smart Contracts.
The table below highlights smart contracts in Hyperledger framework. It compares the smart contract implementations used across Hyperledger frameworks. For each framework, the table lists the smart contract technology used, the type of smart contract (either installed or on-chain), and the main programming language(s) used to write smart contracts.
The shipping industry of today is least affected by the technological revolution that has exploded in the world. Even today the information is received manually from clients and in non-standardized formats. There is need to reduce clerical activities by eliminating re-keying of data by multiple parties and automating data exchanges. There are delays in validating financing conditions due to data discrepancies in the information received from different stakeholders. There is also a huge need for streamlining the business processes and sharing the same information with all the concerned departments. Critical information is sometimes lost, and it is difficult to keep a good track record of historical information. The current transactional data is not immutable and not available permanently allowing for better risk analytics and business intelligence. The Shallow pool of supply chain data limits risk assessment capabilities. There are no provisions for trend analysis across the network enabling the risk assessment process.
Paper-based Bills of Lading are costly and inefficient to manage, and vulnerable to bad actors. The diagram below show the major actors involved in supply chain information flow.
There is a huge need for launching an interconnected shipping corridor which will link ports, and terminals, authorities, ocean carriers , inland transportation, 3PLs , shippers, and other actors which will have equal BENEFIT program for everyone.
Our open and neutral supply chain platform, when launched would provide equal benefits to –
- Shipper / Cargo owner
- Port and Terminal Operators
- Freight forwarders/ 3Pl
- Intermodal – Train
- Ocean Carriers
- Financial Institutions