Forwarder Murphy Global Logistics adopts blockchain technology
Commodity forwarder Murphy Global Logistics has implemented bloc chain technology to improve visibility of cargo as it moves through the supply chain.
The forwarder is using a blockchain-as-a-service platform from Houston-based GumboNet to “streamline smart contracts for the oil and gas industry”.
David Johns, president of Murphy Global Logistics, said: “We manage the most complex oil and gas shipping transactions in the industry, shuttling massive pieces of equipment to the world’s most remote places. Our cargo passes through multiple partners and treacherous shipping environments — a complex process rife with data coordination issues.
“We can’t control ocean vessels or cargo planes, but we can control the unparalleled transparency and timeliness with which our clients will now receive shipment information with GumboNet.”
Currently Murphy employs manual processes with spreadsheets, emails, fax and phone. With GumboNet, each record of completion along a shipment is recorded “accurately in a secure and immutable fashion”.
For supply chain counterparties, contracts are executed at each point along with an automatic invoice payment.
GumboNet said the generation and payment of invoices through its platform “will yield significant cost savings, as the company is freed from manual process reliance and time-wasting contract disputes”.
“There is much discontentment in the oil and gas industry with antiquated manual processes for handling complex transactions and business functions, and the opportunity for blockchain to benefit freight forwarding is immense,” said Andrew Bruce, chief executive of Data Gumbo. “Reliability and traceability are key attributes to Murphy, and GumboNet will further their mission to clients and partners.”