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Leading UK Port Operator Seeks to Improve Shipping Logistics via Blockchain

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A UK port operator that handles 25 percent of cargo shipments in the country wants to integrate blockchain in its supply chain.

UK’s leading port operator, Associated British Ports (ABP), has signed an agreement with digital logistics enabler Marine Transport International to develop blockchain use for port logistics, Dry Bulk magazine reports Wednesday, September 19.

Under the agreement with Marine Transport International, ABP — which operates in 21 ports and carries out 25 percent of the cargo shipments in Great Britain — will take part in pilot shipments using blockchain technology.

According to Dry Bulk, each party in ABP’s supply chain lacks connection with others, as port operators, carriers, and shippers use different systems. As a blockchain solution for port logistics could reduce time spent on the manual review of scattered data, Jody Cleworth, founder and CEO of Marine Transport International, noted:

“With blockchain, we can connect all those systems to ensure data is accurately and quickly shared, helping speed-up and simplify the flow of trade in and out of the UK.”

Earlier in June, Denmark revealed its plans to implement blockchain technology to register ships in local ship registers. A subsidiary of Abu Dhabi Ports has also launched its own domestic blockchain solution for logistics.

In May, Fred Smith, CEO for global delivery service FedEx, commented on the benefits of blockchain for supply chains, calling the technology “the next frontier that’s going to completely change” the whole industry.

Home Crypto News Overstock.com Lets Customers Buy Bitcoin via Its Crypto Wallet Portfolio Company
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Overstock.com Lets Customers Buy Bitcoin via Its Crypto Wallet Portfolio Company
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Overstock.com Lets Customers Buy Bitcoin via Its Crypto Wallet Portfolio Company

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Overstock portfolio company Bitsy is starting to test is cryptocurrency wallet with Bitcoin-only functionality.

The blockchain investment arm of U.S. internet retailer Overstock announced that its investment choice Bitsy has begun a limited beta launch of its cryptocurrency wallet and exchange, the companies confirmed in a press release Friday, September 14.

Bitsy, which seeks to offer users custody of their holdings via private keys while facilitating password recovery using biometric security, will initially support Bitcoin (BTC) buying, with undisclosed altcoin assets to follow.

As a bonus, Overstock CEO Patrick Byrne confirmed, customers would now be able to purchase Bitcoin directly from its website via the integration with Bitsy.

“Bitsy sets a new standard for cryptocurrency wallets. It is a game-changer because it gives users the freedom that bitcoin has always promised,” he commented in the release:

“[I]ntegrating with Bitsy will allow Overstock to take the next step in its cryptocurrency journey by allowing the company to offer bitcoin for sale directly from the retail website.”

The move marks the latest commitment to Bitcoin from the retail giant, which first began accepting the cryptocurrency in January 2014.

Earlier this month, Byrne surprised many by selling 10 percent of his equity in the company in order to reinvest the proceeds in two investment projects and satisfy tax obligations.

Another Overstock subsidiary, tZERO, wrapped up its (Initial Coin Offering) ICO proceedings last month, with plans to build an ICO token trading platform.

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