With NTT DATA Corporation serving as the administrative office, Mitsui O.S.K. Lines, Ltd. (MOL) made an announcement stating that it will participate in the “consortium to develop trade data sharing platform using blockchain technology.”
This is Japan’s first initiative to use blockchain technology on trade operations. 14 trade-related companies made up of banking, insurance, total logistics providers and export/import companies are part of the consortium. They are Kawasaki Kisen Kaisha, Marubeni Corporation, MOL, Mitsui Sumitomo Insurance Company, Mizuho Financial Group, Inc./ Mizuho Bank, Ltd., Nippon Express Company, NTT DATA Corporation, NYK Line, Sojitz Corporation, Sompo Japan Nipponkoa Insurance, Sumitomo Mitsui Banking Corporation, The Bank of Tokyo-Mitsubishi UFJ, Tokio Marine & Nichido Fire Insurance and Toyota Tsusho Corporation.
Presently, trade practices are heavily dependent on bills of lading and other documentation, creating obstacles like increased time frames for procedures as well as an increase in cost and labour.
The aim of this program is to make matters more convenient for operators through use of blockchain technology. This will also enable the smooth flow of information through corporations and across business categories. It will also make trade-related office procedures swifter and more efficient.
In its “Rolling Plan 2017”, MOL emphasizes closely monitoring trends in ICT technology and takes a proactive stance in introducing cutting-edge technologies.