The Client
The client is a group of collaboration companies, which consisted of one of the biggest Japanese steel company, a Vietnamese port, a Japanese port, several banks of both Vietnam and Japan, and a Vietnamese shipping company.Business Need
- In the old days, the Bill of Lading (B/L) is issued and transferred via express courier service.
- The risks of delay, lost, stolen and fraud of B/L that causes damages to the business.
- The cost per bill is expensive, as well as the time-consuming manual processes that takes days to complete.
- Payment took several days to complete, which delay the money-flow in the business.
The Solution
- Digitalize B/L and store on secure Blockchain network.
- Transfer B/L ownership using SmartContract.
- Payment using Libra – a stable coin from Facebook.
The Benefits
- Maximize speed, efficiency, security & transparency and minimize fraud.
- Up to 80% Cost Reduction by bringing courier service expense to Zero. Now it’s only $50-$100 for issuing bills.
- Transfer of B/L ownership now takes less than a minute.
- Eternally stored on blockchain and easy to trace and search.
- Eco-friendly Paperless with instant access. Convenient like sending an email.
- Payment with crypto currency is instant, safe and low-cost.
