Leading-edge technology company Graph Blockchain Limited – which provides private blockchain solutions – has been focused on the growing need for blockchain data management in the global logistics market.
With the growth of this sector as a tactical objective, Graph’s foray into the global logistics industry commenced with providing solutions to divisions of Samsung and LG corporations. Both companies are South Korean based multinational conglomerates, known to be the world’s largest manufacturer of mobile phones and smart phones, and the world’s second-largest television manufacturer, respectively.
With globalization and increased consumption of various products worldwide, efficient supply chain management and the role of freight and logistics has become increasingly complex. The global logistics market involves all activities of Supply Chain Management (“SCM”), including transportation, warehousing, inventory management, flow of information and order processing. As previously published by Transparency Market Research, this market is estimated to reach US $15.5 Trillion by 2023.
Multi-national global logistics and freight companies such as FedEx, UPS and Purolator have openly acknowledged their endorsement of blockchain technology, with all three joining the Blockchain in Trucking Alliance (BiTA), noting that it will bring efficiencies to their industry through consistent, transparent and immutable data.
“We’re quite confident that blockchain has big, big implications in supply chain, transportation and logistics,” FedEx CEO Frederick Smith said at the Consensus 2018 conference. On their company’s press release, Linda Weakland, UPS director of enterprise architecture and innovation, said: “Blockchain has multiple applications in the logistics industry, especially related to supply chains, insurance, payments, audits and customs brokerage.”
Tied to global logistics, South Korea has one of the world’s highest e-commerce rates, however, they have lagged in keeping pace with warehouses and distribution centres. As such, as reported by the Wall Street Journal earlier this year, there has been a wave of investment into high-specification logistics projects across the country, both by the South Korean government through incentives, and into Korean logistics properties by institutional investors such as the Canada Pension Investment Board.
By participating in the development of technology that could revolutionize logistics for multi-nationals, Graph has secured a solid position with the goal of becoming a leading solution provider in the sector, focusing on building a global logistics eco-system wherein the graph blockchain solution would reduce downtime by providing real-time monitoring, tracking and business intelligence analytics. This will enable companies to realize cost savings by mitigating delays and minimizing the impact of lost goods due to cargo theft and fraud, while at the same time driving efficiencies across their SCM.
Most recently, building on the company’s new-found presence within the global logistics space, Graph announced an MOU with the Korean Trade Organization, KTNET, a Korean government Agency, to develop a blockchain based electronic trade services platform. KTNET affects US $5.57 billion annually in trade and services, and links 97,000 customers and trade-related organizations through its trade system. By integrating the benefits of blockchain technology with real-time insights and reporting tools, Graph’s data management platform is part of the continued improvement of trade processes by KTNET, and further establishes Graph’s capabilities to provide viable leading-edge blockchain solutions in the global trade services sector.
“While blockchain data management is commonly viewed as a nascent technology, the increasing demand to address efficiency issues in supply chain management clearly dictates the need for rapid adoption of blockchain solutions such as Graph’s. Our successful partnerships to date show that we are a trusted solutions provider, and granted how big these industries are set to grow, this is just the tip of the iceberg,” says Peter Kim, President and COO of Graph.