Tesla has been confirmed to be a partner in a new project to use blockchain technology to help with logistics in importing products for Gigafactory Shanghai.
CargoSmart, a company specializing in shipment management technology, announced the completion of a successful pilot project with COSCO SHIPPING LINES, Shanghai International Port Group (SIPG), and Tesla for a new application to “transform the cargo release process.”
They claim that it was “among the first pilot projects with an ocean carrier conducting a real-time exchange of shipment data with a terminal operator through blockchain.”
Blockchain is mostly known for its role in cryptocurrency, but it consists of a way to record transactions in an open, distributed ledger.
They described the pilot program in a press release today:
During the pilot in December 2019, COSCO and SIPG streamlined the cargo release process by enabling Tesla to accelerate its cargo pick up procedures on a trusted and secure platform (related post on COSCO’s official WeChat account). The pilot also allowed SIPG to view a single, trusted source of COSCO’s sea waybill data, enabling faster preparation of delivery orders for consignees and their shipping agents. In late March 2020, CargoSmart further enhanced the application to display laden gate out, appointment date, and terminal release, enabling shippers to have better visibility of their cargoes.
COSCO confirmed that Tesla used the new blockchain application to import auto parts used in its Gigafactory Shanghai, where it produces Model 3 vehicles for the Chinese market.
CargoSmart announced that the pilot program was successful, and they plan to move forward with their partners.
While it’s the first time we’ve heard of Tesla using blockchain in its business, the company has been linked to some crypto projects in the past.
The automaker’s onboard computers are quite powerful, and some owners have tried to use them to mine cryptocurrency.
One ingenious Model S owner even built a bitcoin mining rig in his electric car to take advantage of Tesla’s Supercharger network to power his rig.
Speaking of using Tesla to mine cryptocurrency, two years ago, Tesla’s cloud was “hijacked” by hackers to mine cryptocurrencies.
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