Infotech Baltika will be working on a blockchain-based system for the ports wherein it operates.
This is according to Russian maritime news outlet Morvesti in a report on February 11.
To cultivate the blockchain-based solution, which is being called Edge.Port, the firm has collaborated with Moscow-based blockchain startup Iconic.
The network will let participants in port activity to keep all pertinent documentation on a blockchain. Morvesti disclosed that all services in port, including vessel parking and tug boat rentals, can be ordered and kept track of online via the system, without time-consuming paperwork.
Infotech Baltika said that Edge.Port will allow the firm to cut down on the time spent on port operations from four hours to a mere 25 minutes.
Additionally, the use of blockchain could save up to one hour while the ship is being unloaded. As a result, overall port capacity could rise by 3 to 5 percent, Iconic wrote on its Facebook page.
Infotech Baltika is said to operate in 14 ports all over Russia and in a number of European nations, including Italy and Cyprus. With over 3,000 ships in operation every year, in 2017 the firm was named best cargo shipping performer in St. Petersburg, in terms of the value of goods processed, moving goods valued at over 100 billion rubles or about $1.5 billion.
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