‘Proof of existence’ announced after trials boost company’s confidence
Australian listed IT form Yojee has hailed progress on its supply chain and logistics blockchain technology market tilt.
The company that has been testing its software development says if first blockchain software product is to be released commercially before April, putting it in a strong position to ride the estimated near doubling of the international supply chain and global logistics market by 2023.
Now it says it has a “proof of existence” featuring proven successful after initial tests, which included hashing the status of the database to the blockchain in real-time.
The announcement comes as global foodstuffs trader Louis Dreyfus, oils and fats firm Shandong Bohi Industry and banks ING, Societe Generale and ABN Amro say they have ssuccessfully completed the first full agricultural commodity transaction using a blockchain platform.
Yojee says this proof shows that “a certain piece of information or product existed at a given time” and htat this “enables a company and its stakeholders, such as customers and customs, to operate in confidence, even after a cyber-attack”.
“This is a significant milestone for us, as it has always been a focus of Yojee to have an operational blockchain and not just a transactional one,” Yojee MD Ed Clarke says.
“This means the benefits can be much simpler to access as it is straight out of the box and available on simple-to-use applications.
“We know that the global majors along with the rest of the market are all looking at ways to add efficiency and value with blockchain, and we feel this is an incredible offering to instantly add value not just in shipping but all the way down to the last mile.
“Blockchain systems provide an unprecedented opportunity to transform logistics and supply chains with huge benefits to business and customers.
“Yojee is now in a unique position to lead this movement with our in-house team of supply chain and blockchain experts and we’re well advanced along out development roadmap.”
The company notes Transparency Market Research forecast in October 2016 that the global logistics market would grow from US$8.1 trillion to US$15.5 trillion by 2023 but faces an international supply chain infrastructure that is not prepare for the growth and is presently susceptible to “systemic inefficiencies and fraud”.
“As such, the freight and logistics industry is investing heavily in blockchain technology to deliver a cheaper, more efficient, transparent and secure system to manage the enormous growth expected in global logistics over the next decade,” the company says.