IBM Completes Blockchain Trial Tracking a 28-Ton Shipment of Oranges

IBM recently completed a trial of blockchain technology to track a shipment of mandarin oranges from China to Singapore. From a report: Announced last week, 28 tons of mandarin oranges, or 3,000 cartons containing approximately 108,000 fruits, were delivered ahead of Chinese New Year celebration on Feb. 5 (mandarin oranges are a symbol of prosperity, IBM explained). The main shipping document, the bill of lading, was recorded on a blockchain. This document serves as a proof of ownership of goods, as a receipt of goods and a contract of the shipment, and normally it's mailed to all parties involved in the shipment, including banks providing trade financing.

For the pilot, IBM created an electronic bill of lading, or e-BL, which helped reduce and speed up administrative processes 'to just one second' as the document flow is automated, the company claims -- while the standard paper-based procedure takes five to seven days. 'By using the e-BL, we have seen how the entire shipment process can be simplified and made more transparent with considerable cost savings,' Tay Khiam Back, the chairman and CEO of fruit importer Hupco, said in a press release.

Read more of this story at Slashdot.