Microsoft Azure Blockchain technology is being utilised to reduce any human errors in the system and further advance the technology of billing and reconciliation in the supply chain industry.
With the technology, the system provides the necessary information of shipments from flights exchange, freight status updates and air waybills. Thus, information from one to the other is to be accessed by anyone with the key to the data itself.
Freight forwarders and airlines will assemble the shipments and charges of commuting in real-time through the smart system itself as upfront reconciliation is being utilised.
According to the Chief Executive of Singapore-based Cargo Community Network (CCN), Teow Boon Ling, the costs, bills, and reconciliation process involves many stakeholders in the organisations across the entire supply chain, hence; the utilisation of blockchain has not just eliminated human errors, but, the process being done is extremely concrete, monitored thoroughly and will detect errors instantly.
Kevin Wo, Managing Director, Microsoft Singapore is of the opinion that speed and efficiency are key differentiators, and technology can play an important role to enable greater operational efficiency across the entire supply chain.
‘By using a robust, blockchain on Azure hybrid cloud set-up with high availability, CCN is well-positioned to help airlines and freight forwarders to be quicker and more efficient with their billing processes, which can translate into tangible value-add for the industry across the board,’ he added.
The main factor that differentiates competitors across various industries would always be about efficiency in the overall progression. Thus, CCN is the key player that would be able to assist airlines and freight forwarders to be quick, efficient and prominent in the whole process of billing, to translating tangible values across the board of the whole industry.
As changes evolve, technology takes over and the world responds the way it can through various mediums. Blockchain being one of the prominent technologies now is a no-stranger to world leaders, especially those who are keen to advance in a more transparent, legitimate and thorough process of dissemination. It does not defeat the traditional way of processing, however, it adds an incredible value that would not just save a lot of parties, but also costs in arranging to managing everything in one single platform.
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