TradeLens Caps Blockchain Initiative
In an effort to apply blockchain to the world’s global supply chain, Maersk Line and IBM have collaborated to develop TradeLens, a blockchain-enabled shipping solution to promote more efficient and secure global trade, bring together supply chain partners to support information sharing and transparency, and encourage industry-wide innovation.
To date, 94 companies are actively involved or have agreed to participate in the TradeLens early adopter program. Among them are about 20 global port and terminal operators, and approximately 234 marine gateways worldwide. Pacific International Lines joins Maersk and Hamburg Süd as global container carriers participating in the solution.
Freight forwarders, third-party logistics providers including Agility, CEVA Logistics, DAMCO, Kotahi, PLH Trucking Company, Ancotrans and WorldWide Alliance are currently participating, as well as customs authorities in the Netherlands, Saudi Arabia, Singapore, Australia and Peru.
TradeLens uses IBM blockchain technology as the foundation for digital supply chains, empowering multiple trading partners to collaborate by establishing a single, shared view of a transaction without compromising details, privacy, or confidentiality.
Real-time access to shipping data and shipping documents—including IoT and sensor data ranging from temperature control to container weight—enables shippers, shipping lines, freight forwarders, port and terminal operators, inland transportation carriers and customs authorities to interact more efficiently. By using blockchain smart contracts, TradeLens enables digital collaboration across the multiple supply chain partners involved in global trade.