TradeLens: Maersk and IBM's global Blockchain Shipping Solution
On Aug. 9, 2018, A.P. Moller - Maersk and IBM jointly declared that they created Tradelens (https://www.tradelens.com/). The two companies developed Tradelens in an attempt to apply blockchain to the world's global supply chain.
Tradelens is a block chain-enabled shipping solution. The two companies stated that it will make global trade more secure and efficient and it will allow different parties to connect and share information transparently.
According to Maersk and IBM, 94 organizations have approved participating in the TradeLens platform built on open standards. These organizations are:
Global port and terminal operators such as PSA Singapore, International Container Terminal Services Inc, Patrick Terminals, Modern Terminals in Hong Kong, Port of Halifax, Port of Rotterdam, Port of Bilbao, PortConnect, PortBase, and terminal operators Holt Logistics at the Port of Philadelphia, join the global APM Terminals' network in piloting the solution. This accounts for approximately 234 marine gateways worldwide that have or will be actively participating on TradeLens.
The global container carriers Pacific International Lines (PIL) are also participating in this event.
Customs authorities in the Netherlands, Saudi Arabia, Singapore, Australia, and Peru are participating, along with customs brokers Ransa and Güler & Dinamik are not missing this event.
Even freight forwarders and transportation and logistics companies such as Agility, CEVA Logistics, DAMCO, Kotahi, PLH Trucking Company, Ancotrans and worldwide Alliance have announced their participation.
The reason why IBM enables Tradelends to use its Blockchain technology built on open standards is to set a unique shared perception of a transaction that compromises neither details and privacy nor confidentiality. All parties involved in shipping will be able to interact together and access shipping data and shipping documents such as temperature control to container weight.
Besides keeping in touch international shippers and all the parties involved in shipping, Tradelends also facilitates the collaboration between them. It contains a trade document module that is called Clearway. Clearway enables the various parties to be in touch and to collaborate in an efficient way in cross-organizational business processes and information exchanges safely and securely.
During a year trial, Maersk and IBM, with the help of other partners, tried to prevent information delays and documentation errors delays. They argued that Tradelens is effective in reducing the transit time of a shipment of packaging materials to production lines in the U.S. by 40 percent which is great.
Tradelens’s platform contains more than 154 million shipping events, accurate data, documents, and commercial invoices and bills of lading. Peter Levesque, CEO of Modern Terminals points out that: “TradeLens uses blockchain technology to create an industry standard for the secure digitization and transmission of supply chain documents around the world”.
The good news is that Tradelens will be available for all starting from the beginning of the next year.