Mexico: Port Of Veracruz to Conduct Blockchain Trails

Dexfreight, a block-chain based logistics solutions provider will carry out a proof of concept project on blockchain in the port of Veracruz, Mexico. 

The project aims to create and deploy blockchain application within the port system. It will enhance the security and efficiency of freight handling in the freight business.  In the undertaking signed by Dexfreight, another research agency, TTI (Texas A&M Transportation Institute) will be joining for the project.

The research agency has a research and development program which has developed solutions to challenges faced by all modes of transportation within the industry.  

In the project, the web-based applications for the stakeholders will be developed by Dexfreight. The stakeholders are the Customs Brokers Association, the Port Authority of Veracruz, the Mexican Customs Agency, and Hutchinson Ports (ICAVE).

The application will be exclusively designed for recording events during exporting. Smart contracts will use the application, and the application will also be very effective for the parties to share and manifest legal documents.

Within few months, the application will be tested by the parties for checking its effectiveness. Moreover, the parties will inspect the application’s role in adding accountability and transparency to the process in real terms.

Blockchain technology has the potential to make an impact in this industry. But, this technology is in its early days of its deployment in various industries. For all the big companies to get under a single roof, the companies may need a broader collaboration, so that the technology is largely used.