24 May, 2022

Flux IT develops a Blockchain-based app to strengthen port transactions security

Over the last few years, the port industry has undergone a deep digital transformation process triggered by the need to reduce costs and congestion at terminals, while also seeking to enhance the efficiency of all operations, which also poses a challenge for stakeholders.

Focusing on those needs, over the last couple of months we worked on an in-house project which is part of our Innovation Lines space and seeks to develop Blockchain technology in the port industry, taking into account the sector’s steady growth across the world, especially in recent years (which amounts to 80% of world trade in volume*) as well as the role of digitalization in this process.

The project consists of an application aimed at helping build trust among buyers and sellers in the commercial chain, which is key to ensuring the proper functioning of international trade. In that regard, a common practice is sending photos through digital instant messaging to prove and ensure that the cargo is in good condition.

Our application takes this habit as a starting point and takes it to a web3 implementation, where the container is modeled as an NFT token, and each terminal works as an account to store our token. Thus, we ensure data unchangeability and the commercial process becomes more efficient. 

This first development with Blockchain technology opens the door to countless possibilities when it comes to joining and supporting the digital transformation of all stakeholders in the port industry. In the words of the Ports Unit Business Manager and one of the referents of the project:

‘The technological paradigm posed by Blockchain is exciting. Understanding this technology and putting it into practice was a process we all enjoyed. We hope our work can help us see the alternatives this industry has to keep growing through technology and, especially, through web3 solutions.’ 

Joaquín Díaz Vélez

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* El Economista, 2021