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Elon Musk’s Tesla and CargoSmart Test Blockchain Tech To Speed Up Cargo Release Proce

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#1
▪ In collaboration with CargoSmart and China’s Shanghai Port Group, Tesla company is aiming at transforming the goods importation process in China using the new blockchain application.
 ▪ The companies aim at making the whole clearing process both cost and time effective.

Formalities related to shipping transactions are quite chaotic. Document verification which is paramount on the other end over time has proved to be lengthy and messy. Many documents e.g the port documents and bill of lading need to go through multiple parties that consumes a lot of time. U.S. electric car manufacturer Tesla is working on a way that will make importation of goods into China easier. The pilot used blockchain to share all relevant shipping data and documentation among all concerned parties, including Tesla.

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