A Spanish Port Authority, The Port Authority of the Bay of Algeciras (APBA), has signed an agreement with business giant IBM to participate in the blockchain platform Tradelens, to refine and systemize their operations, reports Europa News. With this initiative, the port authority aims to improve transparency throughout the supply chain.
APBA announced in a note that the collaborative platform, launched at the beginning of 2018, will allow more secure and efficient exchange of information and documentation. The drive will foster collaboration and greater trust among the parties involved throughout the global supply chain.
The initiative aims to establish the bases for the digitization of supply chains, generating value for each of the different stakeholders in the logistics industry. This will include the shippers, freight forwarders, logistics operators, shipping companies, etc., up to public administrations and organizations.
TradeLens is an open and neutral industry solution established on the blockchain technology. The platform is jointly developed by Maersk and IBM and a collaborative team with the aim to lead the initiative and drive industry adoption of the blockchain. As per their website, the platform promotes a more efficient, predictable and secure exchange of information to foster greater collaboration and trust across the global supply chain. Tradelens allows various companies to join hands and work in a streamlined way, in the process, forming an interconnected network, providing data of the different transactions to the platform, guaranteeing the confidentiality and security of the same.
By the end of 2018, the blockchain solution had been adopted by more than hundred organizations, including maritime and land carriers, large freight forwarders, customs authorities, and more than 20 ports and operators around the world, such as the ports of Rotterdam, Singapore or APM. As per the report by Europa News, Tradelens has already registered more than 230 million shipments and processed more than 20 million containers.
Port Authorities worldwide have been experimenting with blockchain technology in the space for some time now. Earlier, UK based Associated British Ports (ABP), had signed an agreement with Marine Transport International, a digital logistics enabler, to develop one of Europe’s first detailed pilot programs to study the viability of blockchain technology to speed-up and simplify the flow of trade in and out of the UK. In October 2018, ABN AMRO, the third largest bank in the Netherlands has signed an agreement with the Rotterdam Port Authority to develop a blockchain technology-based shipping logistics business. Also last year in June, Maqta Gateway, subsidiary of Abu Dhabi Ports, had designed and launched Silsal, a blockchain-based technology with the aim to improve efficiency in the shipping and logistics industry.