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The project, dubbed a trade community system, will use emerging blockchain technology to link supply chain information and reduce complexity in international business processes, reducing duplication and the chance for human error. Designed following recommendations from the national freight and supply chain priorities inquiry report released this month, the new bespoke system will work to link end-to-end data, improving productivity and reducing costs through digitised trading of information. Blockchain is a decentralised digital ledger technology working its way through business, banking and technology companies Mortgage brokers Oak Laurel Nundah around the world. Blockchain's decentralised digital ledger technology is being used to improve productivity in Australia's freight systems. In the new trade community system, information previously held in silos by individual companies in the supply chain will be shared easily. What information is shared and in which ways can be changed and adapted over time, using applications designed for the trade. About 9 million container movements take place at Australia's five major ports each year. The trade is projected to increase to 15 million movements by 2025. Experts estimate about 15 per cent of all information in individual import transactions is duplicated 30 times over, reducing efficiency significantly. Australian Chamber of Commerce and Industry director of trade and international affairs Bryan Clark said the estimated cost of inefficiency across Australia adds as much as $450 in excess costs for each container.
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