Japanese shipping major Mitsui O.S.K. Lines (MOL) has joined a consortium to develop trade data sharing platform using blockchain technology.
The consortium, in which NTT DATA Corporation serves as the administrative office, is comprised of 14 trade-related companies such as banking, insurance, total logistics providers and export/import companies.
Current trading practices rely heavily on bills of lading and other documents. This creates burdens such as additional time to complete procedures and requires additional labor and costs.
MOL said that this program aims to increase convenience for customers by using blockchain technology to make information flow more smoothly through corporations and across business categories and making trade-related office procedures swifter and more efficient.
The formation of this consortium is Japan’s first initiative on using blockchain technology on trade-related operations.
Parties to the consortium 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.
As stated in its “Rolling Plan 2017” management plan, MOL emphasizes closely monitoring trends in ICT technology and takes a proactive stance in introducing cutting-edge technologies.