22 Dec Mitsui OSK Lines to test cross-border trade blockchain solution
The test will take place in December 2017. Mitsui OSK Lines (MOL) is one of Japan’s biggest shipping companies, and their partners in the proof-of-concept to streamline international trade flows include IBM Japan. The project will use Hyperledger’s Fabric blockchain framework to carry out trade transactions in real-time.
The advantages over traditional trade mechanisms in the proof-of-concept centre around the digitisation, storage, and sharing of documents and more amongst participating entities. In a press release on the project, MOL stated that the purpose of the test is to evaluate how effective blockchain is in enhancing security and reducing the amount of time needed to complete cross-border trade transactions.
Other participating entities in the project are the Sumitomo Mitsui Financial Group, Sumitomo Mitsui Banking Corporation, Mitsui & Co., Ltd., The Japan Research Institute, Mitsui Sumitomo Insurance Company, and IBM Japan.
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