The second largest container terminal operator in Hong Kong, Modern Terminals, has joined the TradeLens project, a blockchain-enabled technological solution developed by Maersk and IBM, according to the press release Modern Terminals.
It was also stated that the main aims of TradeLens ecosystem are to digitize and streamline processes in the global supply chain to deliver higher efficiency and lower cost.
The ecosystem currently includes more than 20 port operators and terminals around the globe, factoring circa 234 docks on five continents, including Port of Valencia, PSA Singapore, Patrick Terminals, Port of Halifax, Port of Bilbao, PortBase, PortConnect and the Port of Philadelphia.
The TradeLens solution claims that the implementation of their system will reduce the shipment time by 40 percent, leading to an overall economic saving for the supply chain participants. The use of digital ledger has enabled the participants to broadcast the status of a container in a supply chain in real-time, such that records become immutable and available at the same time.
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