Yesterday tech giants IBM and logistics firm AP Moller-Maersk have announced the full development of their latest blockchain collaboration, TradeLens. With this, see’s a partnership of over 90 companies and organisations, working to improve the cross-border supply chain system through ensuring clarity, transparency and efficiency.
TradeLens is an example of blockchain technology, on an absolutely huge scale and now sees the technology integrated in 20 international ports, having so far tracked and captured the data of over 150 million shipping events.
According to Finextra:
“More than 154 million shipping events have been captured on the platform, including data such as arrival times of vessels and container “gate-in”, and documents such as customs releases, commercial invoices and bills of lading. This data is growing at a rate of close to one million events per day.”
Some of the areas and ports already covered by the technology include Singapore and Rotterdam, as well as ports around Saudi Arabia and Australia.
TradeLens is a neutral platform that is designed to securely exchange logistic information in relation to shipping, this includes cargo shipping and the movement of ships on an international scale.
Charles Wellins, the CEO of TradeLens believes that this project is the standard solution that the industry desperately needs:
“We firmly believe that the formation of TradeLens as envisioned will result in a much-needed, open, neutral and consistent standards-based solution for your industry. We’re excited to be part of the process.”
Find out more for yourself, here.
Furthermore, according to Finextra, Bridget van Kralingen, SVP for IBM Global Industries, Solutions and Blockchain says:
“Our work with Maersk and other enterprises in the shipping ecosystem has shown that blockchain can be used to form a strong, connected network in which all members gain by sharing important data and that together we can transform a vital part of how global trade is conducted.”
See more for yourself, here.
As stated, this is an example of blockchain technology working on a mass scale. The implications for this are huge. We should expect this to leak over into passenger ship territory, being used for passenger cruises and even ferry services and may even see a similar approach to this sort of technology into the aviation industry too. Blockchain technology shrinks distance and opens borders, TradeLens is working proof of that.