First Cargo Community System Integration of Blockchain Technology
Cargo community provider MGI has worked with Thales to integrate blockchain technology into its Ci5 Cargo Community System so that clients can act as trusted third parties when key statuses are validated for the release of goods from shipping terminals.
The new module now makes MGI the first Cargo Community System provider in the world to offer integrated blockchain technology. In their new Cargo Intelligent System, Ci5, transactions that generate goods tracking statuses are verified through a consortium validation system made up of the system’s clients.
In practical terms, for imports, Ci5’s Final Release, which authorizes the release of goods from the shipping terminal, is obtained when the Shipping Release, Forwarder Release and Customs Release statuses are validated. These statuses have been blockchained in Ci5 so that they are obtained through the consortium which acts as a trusted third party. Each event that creates a new status is therefore tracked and cannot be altered or falsified. This way, through Ci5, blockchain technology adds an additional tracking and security layer for supply chain events.
Today, around 15 different operators exchange and share information in Ci5. Blockchain technology will enable other operators, such as banks and insurance companies to be included into the process.
“The expertise provided by our partner, Thales, enabled us to incorporate blockchain technology into our Cargo Intelligent System, Ci5. It’s a brand-new innovation for this type of system. Besides improving the security and traceability of transactions, blockchain technology essentially makes all the operators that use Ci5 trusted third parties,” says Alain Perez, Director of Information Systems and Operations (DSIO) at MGI.
According to Joël Derrien, Assistant General Director of Digital Services at Thales, “The blockchain technologies that Thales is working on is helping create decentralized, unfalsifiable and secure digital ledgers. The Cargo Community System we developed with MGI is a perfect example of how blockchain technology can help professionals looking for smooth collaborative communication without compromising data security and reliability.”
Other events in Ci5 will be blockchained over the course of 2019 to improve the service.