IBM’s TradeLens Blockchain Solution Embraced by the Global Maritime Industry
TradeLens, the distributed ledger technology (DLT) based supply chain and logistics platform developed by IBM and Maersk, is fast gaining traction across the maritime ecosystem, with a good number of ports around the world already integrating the solution into their processes, reports The Maritime Executive on January 17, 2020.
TradeLens Gaining Steady Traction
In a bid to foster transparency and significantly reduce the complexity of the global maritime supply chain and logistics ecosystem, IBM joined forces with Maersk, the world’s largest container ship and supply vessel operator, to launch the TradeLens blockchain-based platform in August 2018.
In less than two years down the line, the TradeLens solution is fast revolutionizing the maritime logistics ecosystem, with more than 90 ports and terminal operators, and other highly reputed market participants already tapping the blockchain solution.
In the latest development, The Maritime Executive reports that Oman’s port of Salalah, North America’s Global Container Terminal (GCT), the national customs departments of Jordan and Thailand., and the Cai Mep International Terminal (CMIT), among others, have all integrated Tradelens into their operations.
TradeLens Simplifying Trade and Logistics with Blockchain
Powered by IBM’s blockchain network, TradeLens claims to process more than 10 million transactions every week, making it possible for authorities and supply chain market participants to have access to a single, secure source of shipping data.
Commenting on the matter, Nguyen Xuan Ky, the deputy general director at Cai Mep International Terminal explained that the TradeLens solution makes life easier for all entities involved in the supply chain by allowing for real-time information sharing.
In his words:
“By way of illustration, a seafood container export from Vietnam to the U.S. has over 30 shipping milestones and shipment data at more than 10 relevant entities with the requirement of close tracking. When the cargo data is transparent and readily available, real-time information sharing at different stages by different participants in the global supply chain will promote efficiency for global trade flows.”
While some people still doubt the potential of DLT, the innovative technology continues to gain grounds across various industries and IBM remains one of the heavyweights mainstream accelerating blockchain adoption.
In related news, earlier in November 2019, BTCManager reported that Yunnan Pu’er, a top Chinese tea producer has adopted VeChain (VET) for supply chain traceability.