German logistics firms partner to jointly create a blockchain tracking platform, local news outlet Tiroler Tageszeitung reports on July 16.
Per the report, logistics firms LKW Walter, GS1 Austria, and its EDITEL Austria subsidiary, Bundesvereinigung Logistik Österreich, Deutsche Bahn subsidiary DB Schenker, and WU Vienna are participating in the project. Furthermore, big four auditing firm Ernst & Young (EY) is managing the initiative.
The system will reportedly see freight documents being digitized on the blockchain with the aim of reducing costs and resource consumption while ensuring higher transparency standards, and protect against counterfeiting. The project will be developed with attention to compliance with the international standard for the electronic consignment note, e-CMR.
The outlet cites estimates that the platform will automate around 75 million processes each year and save about 12 million sheets of paper per year. Michael Schramm, head of the German-speaking EY Blockchain competence center, commented on the project:
“Blockchain holds enormous potential for all industries, especially those with many standardized processes such as transport and logistics – if you use the technology properly.”
The analysis and pilot phases of the development are reportedly scheduled to begin later this year and last until the end of 2019. According to EY, after the pilot stage will be concluded, the initiative is expected to result in a commercial platform next year.
As Cointelegraph reported earlier this month, maritime shipping firms Ocean Network Express and Hapag-Lloyd have joined blockchain tracking platform TradeLens.
In June, also Russian authorities have signed an agreement with Danish logistics giant Maersk to officially launch blockchain shipping platform TradeLens.