IBM, one of the leading computer manufacturing company and Maersk, an incorporated transport & logistics company joined hands for a new venture, TradeLens. TradeLens is a Blockchain supply chain solution.
Michael White, the head of TradeLens said that the Blockchain-based platform was released in order to solve the issues faced by individuals in the international trade.
TradeLens, a venture by both the leading firms was built to promise that every user connected with the international supply chain can contribute and gain value from it. The new platform drives to simplify and regulate the information flow using digital solutions. Hence, a new system which provides enough opportunities along with efficiency could be formed.
What is included in TradeLens Ecosystem?
- 94 organizations are involved and around 154 million shipping events are formally captured. The global supply chain platform is referred to as ‘TradeLens’ and the dataset is continuously increasing at a rate of one million shipping events per day.
- As per the press release, the platform can track important data about each shipment in a supply chain in real time, creating a distributed, immutable record to the fly.
- TradeLens participants consist of more than 20 port and terminal operators globally including international customs authorities, freight forwarders, logistics firms and cargo owners.
- Global container carriers Hamburg Süd and Pacific International Lines (PIL) are also participating in the project. Various authorities located in the Netherlands, Saudi Arabia, Singapore, Australia, and Peru are also part of the project along with custom brokers Ransa and Güler & Dinamik.
- Popular freight forwarders, transportation, and logistics firms along with Agility, CEVA Logistics, DAMCO, Kotahi, PLH Trucking Company, Ancotrans and WorldWide Alliance are also currently participating.
What is the main purpose of TradeLens?
Michael White revealed desires to help all the concerned parties in the supply chain to achieve vital access to the critical end-to-end information and data. The process is said to be secure, accurate and seamless. White stated:
“TradeLens is the real deal; a solution that puts all the essential pieces together to digitize the global supply chain through innovations like a shared ledger, smart contracts, encrypted transactions, continuous audit history and transaction endorsement.”
The platform also aids to form new ideas and innovations via the use of APIs (Application Programming Interface). With the help of Blockchain digitization and automation, the export and import clearance can be achieved effectively. TradeLens certifies that transactions might become verifiable and auditable in this way.
IBM and Maersk have conducted a 12-month trial with various ecosystem partners to recognize opportunities to prevent delays happened due to documentation errors, information delays, and other obstacles. The trial disclosed that blockchain based solution can decrease the transit time of shipment of packaging materials to a production line in the United States by 40 percent, saving more thousands of dollars.
TradeLens are initially scheduled to the launched by the end of 2017. Presently, it is open to early adopters and will be fully commercially available by the end of 2018.