Matrix AI Network, a global open-source, public, intelligent blockchain-based distributed computing platform and operating system, recently announced a partnership with OGI Ocean Gate Transportation Company, an international freight forwarding and integrated logistics services company covering maritime, land and air transport, listed on China’s New Third Board Market, to develop an intelligent global freight shipping application platform on Matrix AI Network’s blockchain.
Matrix AI Network will be teaming up with OGI Ocean Gate
Transportation Company to build the MBC project. The MBC project focuses on
four areas of collaboration: Artificial Intelligence, Blockchain, DApps and
Enterprise Resource Planning Systems. The goal of the project is to build an
intelligent global freight shipping application platform integrating big data
information processing, smart contracts, DApps, financial services and payment
systems on the Matrix AI Network blockchain.
An estimated 90% of world trade carried out by the international shipping industry every year. According to a recent research report, the global blockchain market size is expected to grow from USD 1.2 billion in 2018 to USD 23.3 billion by 2023, driven by increasing venture capital funding and investments in the blockchain technology, a growing need to simplify business processes and create business transparency and immutability, reduction in operational cost, and increasing popularity of blockchain technology in retail and supply chain management.
The shipping and logistics industry is uniquely suited to reap the benefits of the many measurable advantages of an easier, faster and safer blockchain. In 2018, Maersk, the world’s largest shipping company and IBM announced a collaborative joint venture to provide more efficient and secure methods for conducting global trade using blockchain technology. According to the press release, “[t]he aim of the new company will be to offer a jointly developed global trade digitization platform built on open standards and designed for use by the entire global shipping ecosystem. It will address the need to provide more transparency and simplicity in the movement of goods across borders and trading zones.”
A consortium comprising AB InBev, Accenture, APL, Kuehne + Nagel and a European customs organization successfully tested a blockchain solution that should reduce or eliminate the need for printed shipping documents and save the freight and logistics industry hundreds of millions of dollars annually.
Like these other forward-thinking companies that manage and rely on complex logistics, OGI Ocean Gate Transportation Company is looking to upgrade and improve the current global shipping industry information systems by leveraging artificial intelligence and blockchain technologies and automating and streamlining the supply chain.
Matrix AI Network’s partnership with OGI Ocean Gate Transportation Company “represents an important step towards real-world adoption and industrial applications. It also brings exposure to payment systems and the transformative impact of intelligent contracts,” explains Simon Han, Matrix AI Network Business Manager. It is also another signal of the transformative power of blockchain, artificial intelligence and Internet of Things (IoT) technologies that will shape the future of supply chain operations in the shipping industry.
