Tesla Uses Blockchain Technology To Speed Up China Import Process
Tesla is utilizing blockchain technology to expedite the import process in China. In April, CargoSmart, a blockchain-based logistics provider, shared the news that Tesla, the Shanghai International Port Group, and the Chinese cargo ship operator COSCO had trialed a blockchain app to shorten the cargo release time. This made it more comfortable for Tesla’s logistics teams to take ownership of the goods once they were offloaded.
CargoSmart saw that the pilot was led in December, and it utilized blockchain technology to bestow important shipping data and documentation with Tesla and other concerned parties. This allowed access to a shared data source that streamlined the process and improved Tesla “accelerate its cargo pick up procedures on a trusted and secured platform.”
COSCO’s General Manager of Business Process & System Division, Wu Yu, said in a statement that the pilot “showcased significant efficiency gains not only in the cargo release process but also for downstream supply chain planning by presenting a single source of truth for documentation for all involved parties.”
A blockchain is a peer-to-peer system that has no fundamental authority that manages data flow. This is achievable with a vast distributed network of independent users — computers making up the network are in various locations. One may utilize a blockchain to build a digital ledger of data and share it with a network.
There isn’t any data about the sort of blockchain that was used, or on the type of goods, Tesla imported into China utilizing this app. It’s also unclear as to whether or not Tesla intends to proceed to utilize the blockchain technology to import goods into China, or anywhere else.
Importing goods into any country needs a lot of paperwork and is a time-sensitive process. You need to claim your goods promptly. A blockchain-based app could offer a secure method for Tesla or any other company that is importing goods to safely and quickly import them. Hopefully, this pilot that Tesla engaged in has helped create more comfortable, quicker, and more secure ways of importing goods.