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China to Canada shipment handled by Israeli blockchain start-up LogChain
SPARX Logistics completes China to Canada shipment on LogChain's blockchain platform
Hong Kong-based 3PL SPARX Logistics completed a successful pilot over LogChain's Blockchain end-to-end platform, handling all aspects of the supply-chain by implementing electronic bill of lading (e-BL).
The LogChain platform, which is hosted on Microsoft Azure cloud, uses Ethereum private consortia. LogChain claims that it enables logistics, shipping companies and freight forwarding companies to reduce shipment costs by 7% to 9%, and reduces two weeks of work in bureaucratic documentation for each shipment on average.
LogChain's end-to-end Blockchain solution handles all aspects of the e-BL supply-chain and a digital Letter of Credit audit - to dramatically reduce costs and paperwork, improve customer experience and SLA, increase transparency and minimize fraud risks
SPARX Logistics, with over 28 branches worldwide, shipped electronic goods from China to Canada over the LogChain platform. The shipment was fully conducted using the LogChain e-BL, which includes the ownership lifecycle and business workflow, as well as digital electronic documentation.
LogChain CEO & Co-Founder Dudi Avni, commented on the announcement: "We are extremely honored and proud to lead the Blockchain revolution in the shipping industry. We have achieved this successful pilot, one of the few of its kind to have ever taken place, with a faster and more reliable service. We are now working together with leading international companies, such as SPARX, in order to pioneer the much-needed change in the international shipping industry."
Founded in 2018, LogChain is a global supply chain and trade finance Blockchain platform, and is backed by technology and IT leader Aman Group. Aman Group and LogChain are headquartered in Israel.