International trade and supply chain solutions company eTradex has recently completed a major solution and company overhaul which has culminated in the successful completion of its rebranding to Global Trade Solution (GTS).
In addition, after extensive research to meet the additional demands of the industry and as new disruptors such as blockchain become more important, the stage has been set to shake things up in the international supply chain and logistical environment.
“Blockchain is no longer just an interesting concept, it has been adopted by a number of leading financial, trade and logistics companies. Those who do not leverage the technology and join the blockchain drive could find themselves isolated and unable to compete on the global trade stage,” said GTS founder, Louise Wiggett.
She told FTW that the company was aware of the local industry’s slow response to adopting blockchain as a strategic driver and that this was still largely due to a lack of understanding of the technology and the future role that it would play.
“People discuss the technology but they are unsure of how it would work practically and the impact that it will have in the future. They are reluctant to participate in the kind of information sharing and collaboration that will be required because they are uncertain of the risks and business impact,” said Wiggett.
This is why GTS is championing a pilot ‘proof of concept’ project with a number of parties along the supply chain – including importers and exporters, banks, customs authorities, freight forwarders and clearing agents and other parties in the logistical supply chain. The aim of the pilot project is to demonstrate to the industry participants what the benefits of such collaboration and information sharing are and how blockchain could shape the future of the industry.
“We are doing the pilot project with some of the industry's early adopters to ensure we have identified and ironed out some of the potential challenges and pitfalls our customers could face when they adopt the technology, and to highlight the benefits of this disruptive approach,” Wiggett explained.
She said GTS was working with IBM – which is also collaborating with maritime giant Maersk on its blockchain project – as the technology partner. “They are simply the best in the business right now,” added Wiggett.
Marcelle Ross, who was recently appointed to head up brand and business development for GTS, pointed out that the two main benefits of blockchain were the fast-tracked availability of information, which would dramatically improve the lack of visibility and inefficiencies with paper-based processes, and the overall reduction in the cost locked up in the supply chain and logistical aspects of international trade.
“With every partner in the blockchain having instant access to shared information, it is no longer necessary to wait for someone to share the information needed to expedite an import or export activity. A shipping line, the various statutory authorities or the bank, can access the information at any time and in any place. Blockchain technology will deliver more efficient and secure methods for conducting global trade.” she said.
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Louise Wiggett, founder and MD, and Marcelle Ross, brand and business development executive for GTS.
