Case Study: Blockchain Bill of Lading and Payment with Libra

 

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.