The Port of Brisbane has become the first Australian port to adopt blockchain technology.
Named the ‘Trade Community System’ (TCS), the new platform will use a distributed ledger to link supply chain information.
Port of Brisbane CEO, Roy Cummins believes the technology will revolutionise international trade by removing complexity.
“To drive new efficiency gains, industry leaders need to develop mechanisms which facilitate the integration and interoperability of commercial operators across the supply chain and logistics sector,” said Mr Cummins.
PwC Australia, the Australian Chamber of Commerce and Industry, and the Port of Brisbane have collaborated to develop the TCS.
“The Trade Community System proof of concept is the first stage in building an innovative end-to-end supply chain that will digitise the flow of trading information, improve connectivity for supply chain participants, reduce friction for business and reduce supply chain costs, providing unprecedented productivity gains for Australia’s international businesses,” PwC Partner, Ben Lannan said.
“The port – whether sea or air – is the first and last point of domestic contact in the international supply chain, and is the primary point at which all significant supply chain participants converge.
“To grow Australia’s trade competitiveness, we need to look beyond our ports,” said Mr Lannan.
The Trade Community System will address a number of points and recommendations from the recently released Inquiry into National Freight and Supply Chain Priorities Report.
“As a trading nation, Australia relies on efficient and effective international supply chains to drive its economic engine room,” said Australian Chamber Director of Trade and International Affairs, Bryan Clark.
Australia has been experiencing growth in its volume of trade, which has increased pressure on supply chains, ports and border authorities to process, screen and clear goods as efficiently as possible in to the Australian Economy.
There are roughly 9 million container movements at Australia’s 5 major ports annually. This figure is projected to rise to 15 million by 2025.
The Port of Brisbane is currently the 3rd biggest port in Australia and it lays claim to being the fastest growing container port in the nation.
While the TCS is a first for an Australian port, blockchain technology has been successfully integrated into business across the globe to address supply chain inefficiencies.
ASX-listed Yojee Limited (YOJ) develops blockchain and artificial intelligence solutions for business supply chains and recently signed a service agreement with global logistic giant DB Schenker.
Ed Clarke, Managing Director of Yojee said the agreements validate the company’s blockchain platform as a unique proposition to global logistics companies.
“We look forward to working with DB Schenker, a true global logistics leader, to evaluate building an industry leading digital transformation package using Yojee’s platform, AI and blockchain,” he said.