IBM and Maersk are tightening their partnership by introducing TradeLens, a collaborative solution for global commerce based on blockchain technology.
The two companies spent some time working together on blockchain technology solutions. With the recently unveiled TradeLens platform, companies are addressing to many of the costly, manual and inefficient processes, which impact global freight and global supply chains, particularly in shipping. The goal is to achieve a greater transparency and efficacy in supply chains. The World Economic Forum estimates that global trade could grow by almost 15 percent by removing barriers in international supply chains.
Already 94 organizations in the industry have chosen to use TradeLens, comprising freight forwarders, ports, customs, banks, logistics providers and companies that ship goods worldwide.
To date, the TradeLens platform, which is already in production, supports 154 million recorded shipments, which increases by one million a day.
Based on the IBM Blockchain, TradeLens provides an information platform for shipping data, documents, customs declarations and IoT data. Shippers, shipping companies, freight forwarders, port and terminal operators, as well as domestic and customs authorities can use TradeLens to access this information in real time and work together safely, efficiently and with confidence. They are also able to use IoT and sensor data such as temperature control or container weight.
The TradeLens program is currently offered through the Early Adopter service and is expected to be commercialized by the end of 2018.
WHY IS IT IMPORTANT?
1. TradeLens, which is utilizing blockchain smart contracts gives the perfect opportunity to connect all the parties of the international trade.
2. Since more companies are adopting blockchain to their shipping operations, The whole system will become faster, safer, transparent because of all the data collected and compared it is possible to prevent illegal activities or just a simple human factor mistake.
Earlier in July, the Singapore-based company CrimsonLogic has launched a blockchain platform for cross-border trading. This company’s blockchain aims to create a link between ASEAN (The Association of Southeast Asian Nations) and the Great Silk Road. With its help, companies will not only be able to trade and access commercial documents in the supply chain but also develop decentralized applications for their needs.