ChainGo is using Ethereum to boost the €2.7-trillion logistics sector
Spain · Nov 29, 2018· By Emanuela Ferraro
Chaingo Twitter account, Sorenson is on the left, Garrido is the to the right.
Co-founders Andres Garrido and Jordan Sorensen are using Ethereum to help the unwieldy ocean freight industry to become more efficient, transparent and secure through the blockchain's decentralized system.
The use of blockchain tech would be the biggest innovation in ocean freight since containerization, according to Rahul Kapoor, a Bloomberg Intelligence analyst based in Singapore. Key players in sea freight, such as AP Moeller-Maersk with ownership of almost 18% of the global liner fleet, are investing in blockchain and its multiple applications to optimize procedures and reduce operational costs. The transport and logistics sectors were valued at €2.7 trillion globally in 2016. Marine transportation accounted for €312 billion while logistics services brought in €658 billion, with maritime logistics accounting for €63 billion.
Two postgrads, Andres Garrido and Jordan Sorensen, developed the Ethereum logistics idea during an International MBA project at IE Business School in 2016. Their ChainGo startup is one of the pioneers of this revolution. ChainGo's paperless system works through smart contracts and enables B2B clients to automate the entire process including the agreement of compliance policies and contracts with multiple parties for each shipment.
Edited by Suzanne Soh
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