Another Leading Logistics Company Gets Into Blockchain

Lotte Global Logistics, a multinational logistics company based in South Korea and Japan, has expressed intentions to use blockchain for its future development projects.

Yet another big name in the logistics industry is entering the blockchain arena. This time it’s Lotte Global Logistics, the distribution, shipping and delivery arm of South Korean-Japanese multinational Lotte. Shipping to thousands of locations around the world and counting more than 1000 overseas offices, they are one of the biggest logistics companies in south-east Asia.

The company announced its intentions to start developing a blockchain powered solution to increase the capabilities of its operations just a few days after it was revealed that Lotte Global Logistics had joined the Blockchain in Transport Alliance (also known as BiTA, an international consortium of around 400 blockchain-related companies, tech giants and logistics firms). Founded in August of 2017, BiTA promotes the development and adoption of blockchain applications in the trucking, transportation and logistics industries, including establishing industry-wide standards.The consortium’s members include the likes of UPS, Microsoft, HP and Warren Buffett’s BNSF Railway Company. One of Lotte’s chief domestic rivals, CJ Logistics (part of the CG Group), joined the BiTA back in May.

While the company has previously stated that it is looking into advanced mobile application developments and drone-related services, to this date not much is known about Lotte Global Logistics’ new solution other than the fact that it is likely to be applied to the company’s shipping operations. and the new solution could well be integrated into these areas.

Following this news, it seems like another big player will soon be joining the market for blockchain logistics. This looks very promising for the industry, and contributes to clear the doubts about this new application of the blockchain technology to the real world, in which BitNautic already operates.

Based in Lugano, BitNautic is a single platform, capable of holding together all the major players of the shipping market: carriers, shippers, producers, buyers. Based on the blockchain, it is a completely transparent network, where ship owners can list their ships, update their location in real time, and cargo owners can find the best routes for their shipments, and at the best price. At the same time this allows them to forge new business relationships, extending their network and bringing new customers to their business.

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