The potential applications of blockchain technology are gradually becoming too many to number with a new trial involving the landmark innovation now underway in Russia.
As per a February 12 report by local Maritime news publication, Moversti, Infotech Baltika, a Russian-based shipping and logistics firm has partnered with blockchain startup, Iconic.
The purpose of the new partnership is for Iconic to help Baltika develop a blockchain-based application (Edge.Port), that will make it easier for the logistics firm to manage port operations.
The newly proposed Edge.Port platform will reportedly improve transparency and efficiency at the 14 different Ports, Baltika owns within Russia.
In shedding more light on the role of blockchain technology, the report mentions that the Edge.Port platform will allow participants namely — Baltika personnel, clients and regulators — to store any relevant information regarding port activities.
The platform will also facilitate the transparent sale of cargo services such as tug boat rentals and vessel parking through the internet.
Baltika said in the report that incorporating blockchain technology with its port operation will reduce the time spent on handling shipments from 4 hours to as little as 25 minutes.
Iconic, on the other hand, cited that the soon to be developed platform will allow Baltika to save as much as 1 hour from the current time that is spent in unloading a ship. Also, the port capacity could witness a 3-5 increase because of the increased efficiency.
In a similar blockchain adoption report, Stmarket.co revealed last week that a major political party in South Korea plans to use the technology to improve transparency and create a simplified decision-making process at all levels for its members.
The Liberty Korea Party (LKP) even stated that it could go as far as creating a crypto token to serve as a staking instrument for members contesting at its party elections.
Subscribe to our Telegram channel to stay up to date on the latest STO and crypto regulations news