February 28, 2024

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Malaysian airline launches blockchain-based air cargo network

Malaysian low-cost airline recently launched a blockchain-based air cargo network to make it easy and convenient to book for cargo space on its aircraft as well as other airlines.

Called Freightchain, the new blockchain solution enables freight forwarders and shippers to instantly book and confirm cargo on any of airlines’ 247 aircraft “without the need to go through traditional time-consuming sales or email channels.”

Freightchain utilizes a bidding process that allows the shippers to opt for the cheapest plan or the fastest route to transport their cargo. The solution validates the bids using blockchain algorithms.

The first pilot booking on Freightchain involved the shipment of pharmaceutical cargo from Bengaluru in India to Ulan Bator in Mongolia. An instant itinerary via Kuala Lumpur, Malaysia, and Seoul, South Korea, was confirmed in real-time with flights from three different carriers through a smart contract on blockchain.

The CTO of Freightchain stated that launching Freightchain under the current coronavirus pandemic was strategic, noting that the crisis has brought global supply chains to their feet with many critical players being forced to shut down operations.

The team deliberately launched Freightchain during this period of uncertainty within global supply chains, caused by the coronavirus pandemic.

Agile software platforms like Freightchain help to connect uneven supply and demand amidst a rapidly evolving environment. Trust and transparency are needed now more than ever.

Headquartered near Kuala Lumpur, AirAsia is the largest airline in Malaysia by fleet size and destinations. It operates scheduled domestic and international flights to more than 165 destinations spanning 25 countries. Its main hub is klia2, the low-cost carrier terminal at Kuala Lumpur International Airport (KLIA) in Sepang, Selangor, Malaysia.

According to another article, while Freightchain reduces booking time and other manual processes for shippers and freight forwarders, it helps airlines to manage its cargo space better.

On the other hand, the interline booking of flights increases the efficiency of underutilized aircraft. As an example, last year Teleport (formerly RedCargo Logistics) signed an interline agreement with Oman Air.

Freightchain’s platform is built using Hyperledger Sawtooth and uses a graphical interface like that for a passenger ticket booking.

In 2018, AirAsia floated the idea of an initial coin offering (ICO), making the low-cost airline one of the most established companies in Southeast Asia enter the crypto market.

The firm’s CEO stated that the low-cost airline’s Big Points loyalty program could be easily transferred to the blockchain.

Blockchain use in the shipping industry

One article noted that the availability of a shared ledger like the one offered by blockchain technology is — according to many — a much-needed innovation to help manage the complexity of modern logistics.

The World Economic Forum pointed out in a recent report that blockchain technology can help with the global supply chain chaos.

Until now, many global firms have held back from digitizing the paper-based processes that are ubiquitous in trade, due to concerns that the costs of digitization do not justify the benefits.

Logistics networks thus remain heavily reliant on physical signatures and paper printouts, which require personnel to be present in-person at various sites to keep operations running. One example is the “Bill of Lading,” a detailed list of a ship’s cargo, where a paper copy is still required by law.

These paper-based operations both reduce visibility and multiply risks at times of disruption, reducing firms’ ability to react quickly to changing circumstances.

Already, governments and firms with strong digital infrastructure — such as e-signatures and e-transactions support — are weathering the current storm significantly better than those without, the authors claim.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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