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
Hong Kong based SPARX Logistics, one of the fastest growing 3PLs in the global market offering logistics and supply chain services, 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).
SPARX Logistics, with over 28 branches worldwide, shipped electronic goods from China to Canada over the digitized and tamper-proof LogChain platform. The shipment was fully conducted using the unique LogChain e-BL, which includes the ownership lifecycle and business workflow, as well as digital electronic documentation.
The LogChain platform, which is hosted on Microsoft Azure cloud, using Ethereum private consortia, enables International Logistics, Shipping companies and Freight Forward companies to reduce 7 to 9% of shipment costs, and reduces, on average, two weeks of work in bureaucratic documentation for each shipment. As the maritime shipping industry continuously grows at 3-4% annually, already standing at over 80% of the global trade volume now valued at over $2 trillion, the impact on the industry is overwhelming.
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.”
SPARX Logistics Deputy CEO Mr. Eitan Shaul: “We would like to thank LogChain for paving the way and leading the Blockchain vision. We have embarked on an important venture, putting us at the forefront of the latest technological innovations. We are proud of our capability to provide our customers with the best and most advanced solutions available today.”
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 uses technology and innovation to help businesses improve their performance and create value for their customers, offering a broad range of services and solutions in digital, cyber security, data, software development, knowledge management, and Blockchain. With approximately 2,500 employees, Aman Group serve clients around the world. Aman Group and LogChain are headquartered in Israel.