The New Energy and Industrial Technology Development Organization (NEDO), which is under the Japan’s Ministry of Economy has announced that it is working on a data-sharing platform that uses blockchain technology. The platform will mainly serve the country’s trade industry.
Promoting research and application of energy and industrial technologies
The NEDO is the biggest public management organization committed to promoting research as well as deployment of new energy and industrial technologies. The organization is developing the project on blockchain so as to make it easier and fast to share trade information. The organization was formed as a spin off from the country’s Ministry of Economy.
The project has been dubbed “Development of Infrastructures for Creating New Industrial Models Taking Advantage of IoT” and it mainly aims at creating a system that will help in digitalizing and enhancing the process of sharing trade data between different parties. The new project will be used by port authorities, brokerage operators, shipping companies and, insurance companies and banks.
Efficient and accurate data sharing system
To be specific, the project will seek to explore additional accurate and efficient data sharing system. The system will replace the current system, which rely on PDF files and paper-based media. In a press statement, the company said these prevailing system are not efficient, they require time-consuming manual work and are costly.
The new blockchain project is being developed by NEDO in partnership with NTT Data also from Japan. NTT Data is one of the biggest IT firms in Japan. In a press release, NTT Data said it will introduce social roll out and implementation of the infrastructure platform in the 2019 financial year. The company said the launch is aimed at boosting the international supply chain.
Recently, media reports indicated that the Customs and Border Protection (CBP), one of the biggest law enforcement agencies in the United State will start testing a shipment tracking system based on blockchain. The parties are counting on the new platform top boost accountability and transparency. The new system will help in timely detection of loopholes in data and secure the data from getting into unauthorized hands.