Infotech Baltika, a Russian shipping logistics company, will develop a blockchain-based system for the ports in which it operates. According to a February 11 report from Morvesti, a Russian maritime news outlet, the company has already entered into a partnership with Moscow-based blockchain startup Iconic to develop the system.
Infotech Baltika’s blockchain-based port operating solution will be named Edge.Port, the report revealed and will allow participants to store all necessary documentation on a blockchain. The system will enable users to order and track all services in a port online, including vessel parking and tug boat rentals.
Switching to a decentralized system will help the company avoid dealing with the time-consuming paperwork associated with outdated port operating systems. Infotech Baltika told the publication that Edge.Port will enable the firm to reduce the time spent on port operations from four hours to 25 minutes.
When the system is implemented, the overall port capacity could increase by 3 to 5 percent, Iconic wrote on its Facebook page.