What is the port of Buenos Aires using blockchain technology for?

Categories: Blockchain, NewsBy Published On: July 28, 20210 Comments

Argentina’s capital city is innovating its main port facilities by incorporating blockchain technology in a critical area.

The General Port Administration (AGP) of Buenos Aires has reportedly opened a bidding process to renew and modernize its Electronic Document Exchange platform, called e-PuertoBUE.

The platform is used by shipping lines, concessioned terminals, the naval prefecture and the port’s customs. The current digitalization system has already brought benefits to port processes, especially through automation and the reduction of physical documents.

Through the new bidding process, it is intended that this platform can be updated by a faster, more efficient and secure system. Argentina’s Ministry of Transportation of the Nation released the information through an Official Gazette, detailing the progress proposed by the government to carry out the modernization plan.

Adoption of Blockchain

standardized and interoperable technological tools, so as to allow the actors of the foreign trade chain to share information effectively and efficiently, as well as an adequate traceability of the cargo.

The technological improvements will incorporate new documentary processes, such as: services to the vessel, both upon entry and during its stay at the dock, Electronic Clearance, Railway Formation Management, Electronic Bill of Lading and the Dangerous Goods Declaration process.

This is where Blockchain will play a key role in the platform upgrade. The integration of this technology offers benefits such as traceability, transparency, secure, interoperable and immutable data management, which would guarantee a forgery-proof logistics system in foreign trade declarations.

According to the media Portal Portuario, the platform update will include the ‘tokenization’ of processes in a Blockchain network that will act as a digital notary, preventing information alterations and providing traceability to the Port’s system. With this development, the AGP intends to position the Port of Buenos Aires as a pioneer and leader in innovation in the region.

Bank of Colombia got issue bond on a blockchain

The idea is to incorporate a new technology for the Colombian securities market processes, promoted by Davivienda bank and the IDB group, which includes the Inter-American Development Bank, IDB Invest and IDB Lab.

The announcement was made in a press release by Banco de la República de Colombia, the main banking authority in the South American country. The Colombian central bank informed in its text that this is a pilot plan in which this institution will also participate as an “observer node in the blockchain network”.

The pilot plan will serve to evaluate the benefits of using a new technology in “in the life cycle of a security, from issuance to maturity” says the Colombian banking institution.

Among the potential benefits are the possibility of reducing operational costs, optimizing process times, improving the traceability and security of securities operations and “better management of financial risks”.

The Banco de la República de Colombia is the central banking authority of the South American country. Source: Felipe Restrepo Acosta / wikipedia.org

Banco de la República

The Colombian Stock Exchange had already adopted a blockchain for OTC derivatives, as reported by CriptoNoticias last November.

As already reported by this media, the Colombian government has created several programs focused on researching blockchains for the public sector. In fact, the Minister of Technology even assured in the middle of last year that blockchains could be a tool to generate trust towards the State among its citizens.

Share This Story!

Leave A Comment

You may also like to read