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Kerry Logistics, Deloitte, and CargoSmart Leverage Blockchain to Digitise Global Logistics

HONG KONG, CHINA – Media
OutReach
1 February 2019 Kerry Logistics Network Limited (‘Kerry
Logistics’; Stock Code 0636.HK), Deloitte, and CargoSmart have successfully
connected multiple distributed ledger technology (DLT) networks for a platform
to enhance efficiency for the shipping industry worldwide by digitising
document exchange between forwarders and carriers, as well as improving the
traceability of shipping documents. Completed in December 2018, the platform’s
proof-of-concept (POC) is interoperable across different DLT and cloud networks
commonly used by participants in global trade and finance.

“At
Kerry Logistics, we believe simple is beautiful. Distributed ledger is a
technology that could simplify the complicated transactions in logistics
operations. When we eliminate redundant processes, we can bring new benefits to
our customers and to the planet, which has always been one of Kerry Logistics’
beliefs. Blockchain is more than cryptocurrency, it is the future of logistics,
especially when Internet of Things applications are put to use. Kerry
Logistics sees it as the solution for ultimate supply chain optimisation and is
trying all means to be in the vanguard of this revolution. The implication of
this POC with Deloitte and CargoSmart is significant, as it defines a new
agenda of the next digital age in our industry. The ones who set the ground
rules will be the leaders for the next era,” said Wilson Lee, Group Director of
Information Technology, Kerry Logistics.

“A
healthy logistics ecosystem is paramount in global trade, but complicated
documentation has been a structural problem. Document digitalisation is not
just the first step, but also a groundbreaking step in the transformation of
the logistics industry. In addition to facilitating document coordination, DLT
speeds up approvals, provides updated and secure data for informed decisions,
and offers a source of truth for all participants, especially banks, insurance
companies, and other financial institutions. We therefore expect even greater
benefits from DLT applications for shippers, forwarders, carriers, and other
players at large in the future,” says Deloitte Asia Pacific Blockchain Lab
Leader Dr Paul Sin.

“Deloitte
is grateful for the opportunity to help Kerry Logistics embark on the journey
towards a more trustworthy, efficient ecosystem, leveraging CargoSmart’s
connectivity with major carriers and terminals. This pilot project has proved
that openness to cooperation and tech interoperability are pivotal factors for
success, and we look forward to seeing more similar cross-industry
collaboration in the DLT space in the future,” Dr Sin added.

“CargoSmart
is excited to work collaboratively with Deloitte and Kerry Logistics to bridge
the gap between the shipping and finance industries by utilising distributed
ledger technology. In this project, we proved the network-to-network
interoperability and demonstrated the cross-industry collaboration. With a
single source of truth, it simplifies the documentation process and accelerates
the data exchange across multiple parties, creating a better end-to-end supply
chain journey for users in the near future. We will continuously strive to
drive innovation through technology in order to create value for customers and
to facilitate the digital transformation of the ocean shipping and logistics
industry,” said Lionel Louie, Chief Commercial Officer of CargoSmart.

About Kerry
Logistics Network Limited (Stock Code 0636.HK)

Kerry
Logistics is an Asia-based, global 3PL with the strongest network in Asia. Its
core competency is providing highly customised solutions to multinational
corporations and international brands to enhance their supply chain efficiency,
reduce overall costs, and improve response time to market. Kerry Logistics has
a network covering 53 countries and territories, and is managing 53 million sq
ft of land and logistics facilities worldwide, providing customers with high
reliability and flexibility to support their expansion and long-term growth.
Kerry Logistics Network Limited is listed on the Main Board of the Hong Kong
Stock Exchange and is a selected Member of the Hang Seng Corporate
Sustainability Index Series 201
7-2018.

About CargoSmart

CargoSmart
Limited empowers companies to digitally transform their global supply chains.
Leveraging technologies including artificial intelligence, Internet of Things,
blockchain, and a deep understanding of ocean shipping, CargoSmart provides
innovative solutions for transportation and logistics teams to collaborate,
increase visibility, and gain insights to optimise supply chain planning and
operations. Founded in 2000 and headquartered in Hong Kong, CargoSmart has
helped over 160,000 professionals increase delivery reliability, lower
transportation costs, and streamline operations. For more information, please
visit www.cargosmart.ai.

About Deloitte Global

Deloitte
refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company
limited by guarantee (“DTTL”), its network of member firms, and their related
entities. DTTL and each of its member
firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”)
does not provide services to clients.
Please see www.deloitte.com/about to
learn more about our global network of member firms.

Deloitte
provides audit & assurance, consulting, financial advisory, risk advisory,
tax and related services to public and private clients spanning multiple
industries. Deloitte serves nearly 80 percent of the Fortune Global 500®
companies through a globally connected network of member firms in more than 150
countries and territories bringing world-class capabilities, insights, and
high-quality service to address clients’ most complex business challenges. To
learn more about how Deloitte’s approximately 286,000 professionals make an
impact that matters, please connect with us on Facebook, LinkedIn, or Twitter.

Source:: Media Outreach