THE blockchain revolution is coming to ports, with Port of Brisbane unveiling a new system to link supply chain information developed in partnership with the Australian Chamber of Commerce and Industry and PwC Australia.
At the proof-of-concept stage currently, the ‘Trade Community System’ aims to link supply chain information through blockchain technology.
Port of Brisbane CEO Roy Cummins said to drive new efficiency gains, industry leaders needed to develop mechanisms that facilitated the integration and inter-operability of commercial operators across the supply chain and logistics sector.
“It is the right time for industry to initiate a reform and modernisation agenda which will shift the dial for Australia’s international business,” Mr Cummins said.
PwC partner Ben Lannan said the Trade Community System proof of concept was the first stage in building an innovative end-to-end supply chain.
“[This supply chain] will digitise the flow of trading information, improve connectivity for supply chain participants, reduce friction for business and reduce supply chain costs, providing unprecedented productivity gains for Australia’s international businesses,” Mr Lannan said.
“The port – whether sea or air – is the first and last point of domestic contact in the international supply chain, and is the primary point at which all significant supply chain participants converge. To grow Australia’s trade competitiveness, we need to look beyond our ports.”
Australian Chamber director of trade and international affairs Brian Clark said at present the current inefficiency across Australian supply chains has added to the cost of doing business, creating up to $450 in excess costs per container.
“This doesn’t just represent in excess of $1bn in value lost, but goes to the heart of Australian commodity trade viability when it gets priced out of the competitive global market,” Mr Clark said.
“As a trading nation, Australia relies on efficient and effective international supply chains to drive its economic engine room.”