There are a number of projects attempting to integrate blockchain within logistics and shipping, one project we’ve seen creating value within this space is Matrix AI Network which recently announced the “MBC” project, a cooperation project with Beijing Haitong Transport Company. So as to be successful in logistics a company such as Beijing Haitong is responsible for optimizing not only the flow of items but also the flow of information and transactions, as such the partnership aims to mutually develop upgrades and improvements to the global freight and shipping industry by integrating AI and Blockchain systems within existing supply chains so as to streamline and automate the majority of the value stream.

Beijing Haitong is an international logistics and freight forwarding services provider focused on providing maritime, land and air logistics services. The company has provided logistics services for major projects such as the East Gas Pipeline, the Sino-Myanmar pipeline and the Tanzania pipeline, Beijing Haitong is also the choice logistics provider for the China National Building Materials Group and Petro China.

Even though there has not been an official release as to the specifics of the project plan, the focus will be on cooperation within the following areas:

Artificial Intelligence

Blockchain

DApps

Enterprise Resource Planning Systems

The primary focus of Beijing Haitong is managing logistics and shipping of precious cargo for the engineering industry and due to the high value nature of some of the goods they transport it is essential to reduce loss as much as possible. Through their agreement with Matrix AI Network we could potentially see the implementations of specialized tracking systems to ensure accurate delivery from point A to point B.

Matrix’s technology can be used to improve Beijing Haitong’s supply chain by using blockchain to track the flow of goods across their networks while also automating acceptance and release of goods. Each item will be able to be traced across the supply chain via Matrix’s blockchain records, while also offering the ability to verify each item as well. Matrix can be used to not only maintain the integrity of the valuable product being transported, but also to create an immutable, secure record of all documentation throughout the shipping process. At the success of the project, documentation that might take days or even weeks to process could potentially be done automatically in minutes. We could see a drop in both the cost and time associated with shipping goods across the world.

By providing the ability to track an unbroken chain of origination and custody assets are much easier to track and validate, it could potentially be possible to also integrate metadata that includes images, videos, insurance policies and anything deemed necessary which can make the system a highly secure and informative network.

Digitizing the entire flow of goods and enabling the end to end tracking of shipments would potentially help the company reduce costs as well as save time by more efficiently processing the acceptance of goods, and all parties within this supply chain can be updated with real time information and tracking. Should they succeed, documentation that takes days will eventually be done in minutes, much of it without the need for human input.

The “MBC” project has the potential to bring about many benefits within not only the Chinese logistics industry but within the blockchain industry as it is a step in the right direction of real world industrial applications of blockchain technology.