Despite the increasing interest in digital commerce and products, the emergence of digitalization in the logistics and supply chain sectors continues to receive little attention, particularly from organizational theorists.
In response, XLOG, the Filipino developed fully integrated blockchain-based end-to-end shipping and logistics platform owned by Shiptek Solutions Corp., taking an institutionalist view, believing the emergence and adoption of digitalization is a socially constructed phenomenon.
“The current or traditional way of doing logistics, especially in the mid-mile, is inefficient and disorderly, riddled with a lot of manual processes which are prone to mistakes and delays,” stated Eric John Vitug, sales and marketing head at Shiptek.
According to Vitug, the logistics industry needs to take advantage of technological advancements to speed up their processes and reduce mistakes by minimizing the manual steps required for each transaction. “This is where XLOG comes in!” he added.
XLOG is a blockchain-enabled innovative approach to logistics that enables the industry to manage and monitor their transactions online and leverage the provenance of data that improves the processing of transactions between operations and finance. It directly connects shipping companies and truck owners to shippers, customs brokers, and freight forwarders.
It offers solutions, not just for shipping lines, but all companies engaged in the supply chain that will allow their businesses to go digital immediately while boosting their cash flow through embedded financial services offered within the platform without making a significant financial investment.
Embedded financial services are when banks can incorporate financial services seamlessly into the activities and the experiences that truly matter to individuals and businesses.
An example of this application is the partnership between Union Bank of the Philippines and XLOG to provide “anchor financing” powered by blockchain to offer a seamless trading solution in the logistics space while eliminating the risk of bogus transactions.
XLOG has recently started the Cebu-based shipping company Gothong Southern Shipping Lines Incorporated’s (GSS) onboarding process, led by the company’s Chief Operating Officer Mr. Rex V. Yuvienco. The onboarding process involves training both the shipping company and their customers on using XLOG’s platform to familiarize themselves with the system and maximize its full potential.